Market Overview

A Regulated Bitcoin Fork: XBR, LLC Files with U.S. Treasury FinCEN

Share:

XBR, LLC today announced its registration with U.S. Treasury FinCEN
(Financial Crimes Enforcement Network) as a money services business (MSB
Registration Number: 31000131217273) in the 409 (Money Transmitter)
subcategory. This registration confirms XBR, LLC as the official
administrator of the bitcoinR network and its native digital currency
unit: XBR. The company has also completed its Bank Secrecy Act (BSA)
E-Filer status to electronically and securely file discrete and BSA
forms to FinCEN; the company began its associated compliance program
this week.

"We are the U.S. Government-regulated Bitcoin fork," said Jessica Van
Sickle, co-founder of XBR LLC, which is the administrator of record for
the bitcoinR network. "We have maintained much of Satoshi Nakamoto's
original vision from Bitcoin Core, added modern algorithms &
central-banking-style economics, and implemented a solid
Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance
program."

To date, of the top five cryptocurrencies by market cap, only Ripple
Labs' XRP digital currency has registered with the U.S. Treasury for
regulatory and reporting purposes. Neither Bitcoin Core, nor its two
most popular forks Bitcoin Cash and Bitcoin Gold, have registered with
the U.S. Treasury or any other regulatory institution to date.

"Our ultimate goal was to create a fairly distributed,
global-reserve-currency that met the present standard of regulation in
the largest capital market on Earth," stated Van Sickle. "It only made
sense to use Bitcoin Core as the technological basis of the regulated
fork due to institutional familiarity with Bitcoin's underlying
parameters."

Recently, the decentralized and unregulated Bitcoin Core (BTC) and
Bitcoin Cash (BCH) cryptocurrencies have been plagued by accusations of
price manipulation. On May 24, 2018, the U.S. Department of Justice
(DoJ) opened a criminal probe into whether traders are manipulating the
price of Bitcoin and volume of these currencies.

"We want to be part of the solution for regulators. bitcoinR was
designed from the beginning to benefit from centralized governance
paired with decentralized technical consensus," said Van Sickle.
"Institutional investors have been looking for a product within the
cryptocurrency asset class that has a centralized administrator to hold
accountable for matters such as orderly unit price stabilization and
official regulatory interface."

While the bitcoinR mainnet is complete and tested, the bitcoinR digital
currency XBR cannot yet be purchased or mined. Parties interested in
mining may register interest at team@bitcoinR.org.
Further detail regarding the technology, economics and governance model
may be found at: http://www.bitcoinr.org/whitepaper.

Forward-Looking Statements

Certain statements herein, including statements regarding future
development plans, are forward-looking statements that are subject to
risks and uncertainties. These forward-looking statements are based on
management's current expectations. Various important factors could cause
actual results to differ materially, including the risks identified in
the bitcoinR whitepaper. XBR, LLC disclaims any obligation to update any
forward-looking statement contained in this press release.

View Comments and Join the Discussion!