Howdy fellow inmates of planet Lawyer,
BitCoin recently obtained a State of New York Banking Charter and from it, BitCoin says they can now do business in the 50 United States:
The statement made: “This makes itBit the only U.S.-chartered and supervised bitcoin exchange” is an OUT-RIGHT LIE. BitCoin doesn’t have a National Banking Charter from Congress, it has a New York State Banking Charter and a State Banking Charter does not give you the power to do banking business nationwide, it gives you the power to do banking business within the State wherein you are Chartered and NO MORE. To do National Banking nationwide you have to obtain a National Banking Charter from Congress and that’s because the States only have Intrastate Commerce Banking Powers, which State Banks are empowered by BOTH State & Federal Law and State Laws do not EXTEND beyond their State BORDERS, so the reach of State Law is limited to within the borders of the State so State Laws cannot be enforced outside of the State but with Congress’s Interstate Commerce Banking Powers, that gives Congress the ability to enforce Federal Laws NATIONWIDE, to include Federal Banking Laws, so a National Banking Charter is a valid exercise of Congress’s Interstate Commerce Banking Powers, just as a State Banking Charter is a valid exercise of the State Legislature’s Intrastate Commerce State Banking Charter Powers but the State Banking Charter is only USABLE within that SPECIFIC state, it’s not usable outside of that state so State Banks cannot do any banking business outside of the state wherein they are Chartered, which also means they cannot loan money on fixed property that resides outside of the state but in the EMPIRE STATE, many State Banks aren’t abiding by the Rules; and those that aren’t abiding by the Rules, they are in SERIOUS trouble with the US Treasury Department and BitCoin is about to be confiscated by the Secret Service for operating a National Mint without a National Minting Charter from Congress.Quoting “GLOBAL BITCOIN EXCHANGE ITBIT TODAY STARTS ACCEPTING U.S. CUSTOMERS NATIONWIDE THROUGH NEW YORK STATE TRUST COMPANY CHARTER”
Article 1 Section 8:
Clause 5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Clause 6: To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;
Article 1 Section 10:
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
The National Constitution is CLEAR on the matter, so expect to see BitCoin fall shortly.