Bitcoin Forum

What does everyone think, about the Senate Meeting that will discuss crypto-currencies?  Do you think the outcome will have any positive or negative to BTC community?

Do you think it is just a meeting to prepare all of the regulations that are to follow?

Also do all the US Trading sites require you to submit all your financial information for taxation reasons?  Kindof beats the whole idea of BTC in the first place...

Just curious if anyone thinks the Senate meeting will have any effect whatsoever to the price of BTC, I would say people will take one sentence out of context and the price will fall to around $650, just a guess!?!


Regards,

CH

Nothing good could come out of that hearing. 

I think the price of almost all coins will fall, but I've been waiting for BitCoin to fall down around $500 or $600, so I can buy a couple.

Last one wasnt that bad, so dont really know.
What i do know is that the end of january is going to be important for this and china bans.

There's another one  ??? (Initial Reaction)

Well did some looking into it not Senate but New York
The New York State Department of Financial Services (NYDFS) will hold public hearings on the regulation of digital currencies on 28th and 29th January in New York City.
http://www.coindesk.com/new-york-state-announces-bitcoin-hearings/

I think the licenses will probably be approved but New York will set a precedent based on the result
Right now they are curious and willing to consider it seriously so what comes out of it will be interesting

That said they might end up stifling the innovation in the United States and Entrepreneurship unless a uniform system is applied throughout all the USA not on a state by state basis.
This will be an interesting topic.

“Our public hearing will review the interconnection between money transmission regulations and virtual currencies. Additionally, the hearing is also expected to consider the possibility and feasibility of NYDFS issuing a ‘BitLicense’ specific to virtual currency transactions and activities, which would include anti-money laundering and consumer protection requirements for licensed entities,” the November statement said.

Over-regulation, including a requirement for many digital currency businesses to register as money transmitters separately in all 50 states, is seen as a barrier to entrepreneurship in the US and many of the world’s largest bitcoin businesses are located elsewhere.

Lets hope they don't say something stupid at it.

This is the Fascists Senate I don't have good thoughts going in to these hearings.  Why aren't they in the House,   seems more up their alley.

They could do like the Clinton era senate which endorsed the almost free enterprise internet and really helped the economy.   I see Bitcoins the same way,  imagine if ebay and amazon took BTC's?

If amazon took BTC, it would be fantastic!

Regards,

CH

More hearings eh, this should be interesting.

http://www.businessinsider.com/new-york-bitcoin-hearings-wrap-2014-1

Topic update