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It makes me wonder if there's a legal loophole of some kind for virtual currencies, because otherwise, wouldn't Second Life's virtual currency have been shut down by now?
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The currency trades one to one with the real dollar, so it's not in competition with the dollar.
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It's awfully long... but someday, I'll get around to reading it.
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If you want to do so you need some explanation of the stuff first.
Simply reading the text of the law doesn't tell you what's hidden in there if you aren't already familiar with it.
It's not a law that written with the intent that it's easy to understand. Easy explanations of how it works are as a result often false.
The
Wikipedia article gives a good overview as a first start.