Wells Fargo, Largest Bank In America, Calls A Bitcoin Summit To Discuss “Rules Of Engagement”

Journalist:
Caleb Chen @bitxbitxbitcoin
January 15, 2014

“Rules of Engagement” are the exact words that Wells Fargo used, I can’t make this stuff up guys… Even if I wanted to.

As reported first in an FT article by Stephen Foley and Camilla Hall, Wells Fargo’s anti-money laundering chief Jim Reynolds has launched a group to investigate how exactly Wells Fargo, and major financial institutions by extension and inclusion, might offer banking arrangements safely to Bitcoin-related services.

Wells Fargo’s chief executive John Stumpf further elaborated stating that it was Wells Fargo’s standard bank practice to look into any financial innovations, to keep abreast of the times.

I eagerly look forward to any information that comes from this summit, as do the myriad of Bitcoin start-ups across America that have previously been denied bank accounts.  Here’s hoping for comprehensive and fair guidance from the banksters and regulators, and not a Bitcoin War…

Just how long has this Wells Fargo team been looking into Bitcoin?  It has to have been for the last several months at least.

As The Genesis Block reported yesterday, Fed testimony in the Silk Road case has identified a $5.5 million sum of money reported to have been seized in connection to the ongoing Silk Road investigation back in the summer of 2013.

Minimal sleuthing is required to realize that last summer also marked the time that Mark Karpeles, founder of Mt. Gox, had a Wells Fargo account closed as part of a joint task force operation out of the Baltimore field office.  That same office was involved in the seizure of Silk Road’s assets as well as much of the evidence implicating Ross Ulbricht and it is through their testimony that TGB was able to connect the data points.

As read-between-the-lines corroboration, Mt. Gox has issued a hasty press release in response to the TGB article stating:

Recently published media accounts are inferring a link between MtGox and the former online Silk Road marketplace and other illegal services and activities. MtGox denies that it has ever knowingly assisted, agreed to assist, or willingly cooperated with anyone to use Bitcoin to engage in illegal or illicit transactions.

Chill out Gox!  Bitcoiners know that the then-#1 Bitcoin exchange wouldn’t “knowingly” assist or cooperate with illegal use of Bitcoin.  Bitcoiners are leaving your exchange for a different reason entirely: fiat illiquidity.

Last modified (UTC): April 20, 2014 18:28

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.