After staying quiet for an extensive period, The Dogecoin Foundation – an international nonprofit organization associated with the cryptocurrency Dogecoin – recently opened up with the community about its legal restrictions within the US.
The association broadly discussed their inability to launch fundraisers in the wake of recent FinCEN rulings that will literally force them to obtain the status of a “Money Services Business”. “In a sense,” wrote DF, “this scrutiny which the Dogecoin Foundation and other cryptocurrency organizations are facing is one of the disadvantages of creating a degree of “centralization” for cryptocurrencies.”
They however also highlighted the need for having such regulation to protect customers from fraud, saying that cryptocurrency based agencies must be exposed to “legal risks” as such things are “vital as a nexus and communicator towards regulators and other organizations.” With this central and diplomatic stand, DF simply hopes to operate under minimum legal repercussions.
The DF’s Reddit post mentions a few incidents where their operatives conducted constructive conversations with the regulators, the recent one being their long comment on BitLicense in which they requested NYDFS to reconsider the proposal to harness nonprofits and social businesses. The association meanwhile is also discussing a number of donation-related rulings with FinCEN, hoping for some crypt-friendly amendments in the current law.
“While we don’t know when the aforementioned problems will be addressed satisfactorily, we haven’t been idle on other fronts,” says DF. “We have been trying to help out where we could, provide (legal) advice to shibes who wanted to run campaigns, serving as a legal point of contact for grant initiatives.”
You can read the entire discussion here.