2013-08-25 Bitcoin aims to counter regulatory pressure

[zakoliverz]

http://online.wsj.com/article/SB10001424127887324906304579035192895707228.html

Representatives of companies that trade in Bitcoin are stepping up their efforts to promote the virtual currency in Washington, in an attempt to counter regulatory suspicion that they say will drive financial innovation away from the US.

Leaders of the Bitcoin Foundation, a trade group, are having meetings with US administration officials and on Capitol Hill this week, as the powerful Homeland Security Committee runs an investigation into potential threats from virtual currencies.

[LiteCoinGuy]

great step! wish the best!

[xxjs]

great step! wish the best!

Well, this is where all regulation tend to go. The regulated meet the regulators to make sure the regulation is sensible, sticking in elements of barrier to entry to make life easier for the already-ins.

Not so good, but whatever, it is not going to work anyway.

[inge]

Interesting. Nice to see Bitcoin Foundation in action.

[eldentyrell]

Four representatives for the foundation will take part in the talks, including Murck, Santori, legal defense committee chairman Brian Klein and board chairman Peter Vessenes.

sticking in elements of barrier to entry to make life easier for the already-ins.

I find it very disturbing that the Executive Director -- the only foundation boardmember to explicitly condemn regulatory favoritism -- apparently didn't think that this meeting was important enough to attend.  Not good.

I would like to see an explanation.

[matonis]

Bitcoin Foundation participants should be applauded for their work in providing free educational sessions for Washington DC bureaucrats. We had highly-capable people in attendance and there is not a lot of glory in that work. It is hardly regulatory favoritism to do the following:

i. Explain the transparency of the block chain;
ii. Emphasize how user-defined privacy and irreversibility is a default within bitcoin;
iii. Demonstrate the resiliency of the decentralized and global Bitcoin network;
iv. Explain how market-based legitimacy is currently winning over legislation-based legitimacy, which is why trading volume is not centered in the US.

For my part, I elected to focus on the developments and good work being done in Germany and other countries while continuing to expand the inclusiveness of the Bitcoin Foundation to other parts of the world. Bitcoin is not US-centric and, with a global footprint, neither is the Bitcoin Foundation.