See the press release here. The practical significance of this is that trade in IOUs is subject to standard regulation.  Brokers or other intermediaries facilitating trade between buyers and sellers must be registered as exchanges with the SEC.  In related news, the three largest banks in California will stop redeeming IOUs tomorrow.  Its going to be a nice summer for the Check Cashers. Note that the IOUs pay 3.75% interest, tax free.

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