Interesting Read: Bitcoin Foundation Response to CA Warning
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For anyone interested in the governance of crypto currencies, this is a pretty interesting read. Although in the context of CA laws, it does a nice job of laying out the legal nature of cryptos in general.
I would expect changes in the near future. The statutory language currently quoted as the authority appears to have a good bit of wiggle room and it is easy to see how it might be the case in the near future that governing bodies could assert themselves more directly in the market.
http://www.scribd.com/doc/151346841/Bitcoin-Foundation-Response-to-California-DFI