The state of New York will set the tone for the US government’s official relationship with virtual currency, Bitcoin when the New York State Department of Financial Services meets every major Bitcoin player in court.

Shortly after a federal judge recently ruled that Bitcoin is real money, 22 digital-currency companies and investors have been subpoenaed by New York’s financial regulator. Subpoenaed parties include the Winkelvosses twins, Google Ventures and Andreesen Horowitz.

The New York State Department of Financial Services declared Bitcoin: “a virtual Wild West for narcotraffickers and other criminals.” Superintendent, Benjamin Lawsky said in a statement:

We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry

The department is using this investigation as an opportunity and case study to determine whether there is a need to start regulating online currencies. Obviously, they pretty much already believe that there is.

The department says they hope for the cooperation of all stake holders to help tame the “virtual wild west”, and make it a safe place where consumers are protected.

Also, they want their cut of profits.