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  1. #1
    Join Date
    Jan 2016

    Default ItBit to Be Confiscated by Secret Service Here Shortly . .

    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:

    “New York - May 7, 2015 – Global bitcoin exchange itBit today announced it is available to all U.S. retail and institutional bitcoin traders and will begin accepting U.S. customers immediately. Through a trust company charter, granted by the New York State Department of Financial Services (NYDFS), itBit has established the itBit Trust Company, organized under New York State banking law. This makes itBit the only U.S.-chartered and supervised bitcoin exchange able to offer unique protection and security for customers in full compliance with New York and federal law.

    “Our mission at itBit has always been to create a trusted, institutional-grade exchange and regulatory compliance is an important pillar of that mission,” said itBit CEO and co-founder Charles Cascarilla. “Regulatory approval from the NYDFS allows us to serve as a custodian for our clients’ assets and expand our services to U.S. customers – the largest market of bitcoin traders in the world – and allows us to do so with the highest standard of care afforded by any Bitcoin company.”

    With oversight from the NYDFS, the itBit Trust Company provides unparalleled security and protection for all client deposits and assets. All client deposits and assets, including both bitcoin and fiat currency, are held for customers in secure custodial accounts in order to ensure the safe return of customer balances. In order to provide further heightened protection, itBit has partnered with an FDIC-insured and regulated U.S. banking institution to provide assurances to all U.S. clients that their fiat balances are held in the U.S. and with the benefit of FDIC-insurance (up to $250,000 per account).”
    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.

    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.


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