Matthew Ly

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Article courtesy of Morrison & Foerster’s Mobile Payments Practice On May 30, 2013, the California Department of Financial Institutions (CADFI) issued a cease and desist letter to Bitcoin Foundation, a not-for-profit organization established to standardize, protect and promote the use and adoption of Bitcoin. CADFI stated in its letter that Bitcoin Foundation “may be engaged in the business of money transmission without having obtained the license or proper authorization required by” California’s Money Transmission Act.…