Bitcoin Forum

The cavalcade of the great minds that are shaping the Bitcoin and blockchain industries continued in earnest on Day Two, 22 January, of The North American Bitcoin Conference (TNABC) 2016. Presenters and panelists focused on regulations affecting Bitcoin and its blockchain technology, mining future perspectives, and investments. In addition, student organization “Generation Blockchain,” presented their list of demands that will help them to change the world for the better.






Bitcoin cannot be regulated. However exchanges and websites using Bitcoin can be regulated, asserted Joe Colangelo, Executive Director Consumers’ Research. Colangelo and his team authored the “Bretton Woods 2015 White Paper: The Promise of Bitcoin and the Blockchain.” In his presentation, Colangelo referred to this document, which “identifies and explains the opportunities presented by blockchain technologies, the challenges faced by those opportunities, and potential ways to address those challenges.” Recently, Jamie Redman reviewed the Bretton Woods 2015 White Paper here: “The Bretton Woods White Paper Review.”

Jerry Brito, Executive Director of Coin Center, dealt with the question, is Bitcoin regulated? Brito affirms that Bitcoin has never been regulated. However, Bitcoin users and businesses have been subject to regulation since Bitcoin’s inception. He gave a detailed description of the areas of Bitcoin regulation, which are anti-money laundering and terrorist financing, sanctions, consumer protection and others (tax, security, derivatives, and others).

For each of these areas, Brito highlighted the challenges involved with adhering to their specific regulations. For example, according to the U.S. Office of Foreign Asset Control (OFAC), businesses should not deal with individuals or businesses that are included in the Specially Designated National Lists. But how could businesses comply with this regulation when Bitcoin transactions are pseudo-anonymous, involving only cryptographic keys or Bitcoin addresses? Similarly, how could anybody comply with the “business rule” when sending bitcoins across borders? Notice that the “Travel” rule is the ABank Secrecy Act that requires all financial institutions to pass on certain information to the next financial institution, in certain funds transmittals involving more than one financial institution.

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