>If you own Bitcoins, you should prepare for the very real possibility that one day, depending on arbitrary state or USDOJ enforcement actions, you may never be able to convert your Bitcoins back to dollars.
There are potential loopholes here. You can still buy liquid assets with bitcoins and sell those assets for cash. For example, you can have a provder that sells gold for bitcoins, and buys gold for cash.
The way I read the letter, simply inserting an intermediate value store in this trivial way would not eliminate the need for licensing as a money transfer agent.
I think those providers will stop accepting bitcoins when you can no longer convert them to USD. There isn't enough other essential goods and services that people are willing to trade BTC for yet.
There are potential loopholes here. You can still buy liquid assets with bitcoins and sell those assets for cash. For example, you can have a provder that sells gold for bitcoins, and buys gold for cash.