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8 Charleston L. Rev. 511 (2013-2014)
Bitcoin, Silk Road, and the Need for a New Approach to Virtual Currency Regulation

handle is hein.journals/charlwrev8 and id is 553 raw text is: BITCOIN, SILK ROAD, AND THE NEED FOR A NEW APPROACH TO VIRTUAL CURRENCY REGULATION Jonathan Lane* I. INTRODUCTION.............................512 II. THE EMERGENCE OF AN INNOVATIVE NEW CURRENCY FORM. ...................... .....514 A. Bitcoin Transactions ................... .....516 B. System Integrity & Establishing Trust ...... .....518 C. Maintaining Privacy in an Open Network.... ....520 D. Cashing In and Cashing Out: Bitcoins and Hard . Currency ........................... .....522 III. FIGHTING AN INVISIBLE ENEMY: SILK ROAD AND THE NEED FOR NEW METHODS .. ...............523 A. Silk Road Takedown: What Law Enforcement Learned From Investigating the Online Marketplace ....................... .......523 1. Details About the Silk Road ................524 2. Identifying Dread Pirate Roberts ............526 3. Fallout from the Takedown: Identification, Arrest, and Prosecution of Users ...... ......529 IV. CURRENT REGULATIONS AND LAWS RELATING TO BITCOIN AND THE INVESTIGATION OF CRIME ........................... .............531 A. Financial Regulatory Structure and Bitcoin ................531 1. The Stamp Payments Act of 1862 ...... .....532 2. Securities and Exchange Regulations .... .....534 3. Bank Secrecy Act and Money Laundering Statutes ..............................535 B. Criminal Investigation and Prosecution: Techniques * J.D. candidate 2014, Charleston School of Law, B.A. 2007, College of Charleston. I would like to thank Professors Sheila B. Scheuerman and Miller W. Shealy, Jr., for their guidance, my fellow Charleston Law Review members for their help preparing this Note for publication, and my wife Elizabeth for her support. 511

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