I work for a cryptocurrency company that is effectively running an unlicensed money transmitting business. The leadership team posits that since the IRS considers cryptocurrency property rather than money – even though other US government agencies disagree – we’re going to pretend we’re not liable for MTB laws.
What next? Do I just hold my tongue and collect the checks until the proverbial stuff hits the fan, or cut and run?
I would just collect your checks as long as you're not an executive. If you are a executive of the company then you'll be held liable for it, but if you're just a regular employee then nothing will happen to you. Just claim ignorance if you're ever brought in for questioning.
the gov made it clear that it's property and not currency
you're not breaking the law but you ARE helping to create awesomeness
there's nothing to pretend
How will you feel about yourself if the worse case scenario plays out?
It looks to me like your question is more about your values and ethics then your own liability or risk.
The above answers may be legally correct but it is possible to be legally correct and ethically wrong.
Since ethics and values are very personal boundaries we can't tell you what to do. When you operate on the wrong side of your line you will never be comfortable. I will say, If you think you are crossing those lines that leave gracefully and without judgement.
Ask Charlie Shrem.
Technically, it's money-laundering. If you're ever in another country (especially in the EU) you could be held liable for the actions of the company. It's a dicey proposition no matter how you look at it. Someone, somewhere along the line is taking the crypto-currency and turning it back into US dollars. This skirts, if not outright breaks, US law about unreported transmissions of money (especially in amounts in excess of $10K). I would point you to: 100 Stat. 3207 aka 100 Stat. 3207-18 and Public law 99-570.
Good luck!