The proliferation of Bitcoin and other cryptocurrencies has raised many questions about the legal status of these technologies and financial instruments and how their exchange should be regulated under federal and state money transmitter laws. Regulation of cryptocurrencies and exchanges is evolving quickly, and navigating the regulatory guidance requires careful consideration of both the guidance and the underlying business models. As new cryptocurrencies and exchanges launch,  understanding the regulatory landscape and adapting quickly adapt to changing rules will be imperative for companies eager to benefit from the massive growth of the cryptocurrency industry. Institutions must analyze the complex regulatory requirements put forth by Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), state regulators, and others, as well as enforcement actions taken by the SEC and the U.S. Department of Justice. We have published in Bloomberg Law a Guide to address these important topics, and hope our readers find it helpful as they navigate the rapidly evolving legal landscape in this space.