itBit was granted a trust charter by the New York Department of Financial Services last week. What does that exactly mean? Houman B. Shadab, a professor at New York Law School and the Editor-in-Chief of the Journal of Taxation and Regulation of Financial Institutions wrote an excellent article on the subject. It answers some interesting questions that have cropped up in the media concerning the status of the charter outside the state of New York. You can read it here