In the US, banking and finance are regulated on the federal and state level, there are multiple federal bank regulators, and there are separate securities and commodities regulators.

In March 2013, FinCEN issued guidance for virtual currency businesses - giving the industry some degree of clarity about how to be compliant on the federal level.

Daniel Masters is a master of the commodities markets with over 30 years experience. His bitcoin strategy is based on the parallels he sees from the oil industry in 1999 to the current state of bitcoin.

The key benefits of a Special Purpose National Bank Charter are uniform regulations, standards, supervision, and authority for emerging financial technology companies to operate nationwide.

Through decentralized cryptography, Bitcoin eliminates the need for banking intermediaries, significantly lowering transaction costs, and could liberate poverty-stricken economies around the globe by providing access to capital to the one-third of humanity that is excluded from the financial world.

The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people's money, and customers were met by armed guards at the branches.