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Author Topic: 2013-11-05 WSJ: Bitcoin Comes Under Senate Scrutiny  (Read 2005 times)
Arvicco
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November 05, 2013, 06:56:36 PM
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http://blogs.wsj.com/washwire/2013/11/05/bitcoin-comes-under-senate-scrutiny/

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By RYAN TRACY
 
Bitcoin is about to get some time in the Capitol Hill spotlight.

A pair of Senate committees will hold hearings on the policy issues raised by virtual currencies in the coming weeks, according to Senate aides, a development that comes amid growing attention from government regulators to digital forms of money.

Bitcoin, a currency that is essentially a computer code and is not backed by any government, has seen its value surge this year because of  interest from retailers and investors. But government agencies have also stepped up their oversight of the loosely regulated currency amid fears it could be used to facilitate criminal activity.

The two Senate hearings – the first to focus on bitcoin – are likely to examine how regulators are responding to the new forms of payment, the aides said. Potential points of discussion include how financial-industry regulators will watch over investment in the new currencies and how virtual currencies might impede tax collection or facilitate trade in illegal products out of the sight of law enforcement.

No dates have been set for the hearings and the witness lists are not final, but representatives of the government and private sector are expected to testify. The hearings will be held by the Senate Committee on Homeland Security and Government Affairs and by a subpart of the Senate Banking Committee, the aides said.

By summoning officials from the executive branch to talk about bitcoin, lawmakers are signaling that virtual currencies should be a priority. Sens. Tom Carper (D., Del.) and Tom Coburn (R., Okla.), the top lawmakers on the Homeland Security panel, have also asked several financial-industry regulators and law-enforcement agencies for information about their policies on virtual currencies.

In an Aug. 12 letter, the senators cited a number of policy concerns, including a Texas case this year in which a man was charged with running a bitcoin-related Ponzi scheme and a May Government Accountability Office report that said the use of virtual currencies could lead to lost tax revenue.

“As with all emerging technologies, the federal government must make sure that potential threats and risks are dealt with swiftly; however, we must also ensure that rash or uninformed actions don’t stifle a potentially valuable technology,” Messrs. Carper and Coburn wrote in their letter, which went to the Department of Homeland Security, the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Department of Justice and the Treasury Department.

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November 05, 2013, 08:28:43 PM
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Senate wants to stop Bitcoin? BitcoinChina don't give a fuck!

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November 05, 2013, 08:32:27 PM
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November 05, 2013, 08:37:24 PM
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This is fantastic news for Bitcoin. I predict that they won't recommend any restrictions that would seriously hamper the use of Bitcoins in the US. They will just reinforce the AML and other laws that are already on the books. The ponzi scheme and silk road bust are proof enough that law enforcement can still do its job in bitcoin-related crimes.

I'm curious to see if the Fed will testify though...
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November 05, 2013, 08:59:04 PM
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This is fantastic news for Bitcoin. I predict that they won't recommend any restrictions that would seriously hamper the use of Bitcoins in the US. They will just reinforce the AML and other laws that are already on the books. The ponzi scheme and silk road bust are proof enough that law enforcement can still do its job in bitcoin-related crimes.

I'm curious to see if the Fed will testify though...

yup Janet Yellen or the Bernanke

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November 07, 2013, 12:40:53 AM
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This is fantastic news for Bitcoin. I predict that they won't recommend any restrictions that would seriously hamper the use of Bitcoins in the US. They will just reinforce the AML and other laws that are already on the books. The ponzi scheme and silk road bust are proof enough that law enforcement can still do its job in bitcoin-related crimes.

I'm curious to see if the Fed will testify though...

yup Janet Yellen or the Bernanke

Unlikely.
They are running a confidence game.
Fear shows a lack of confidence.
They will operate behind the scenes, as they are.

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November 07, 2013, 12:54:54 AM
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Senate wants to stop Bitcoin? BitcoinChina don't give a fuck!

Nah just want to make sure they get a good cut (taxes). Capital gains mainly.

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November 07, 2013, 12:58:38 AM
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"we must also ensure that rash or uninformed actions don’t stifle a potentially valuable technology"

Hmmmm.... I wonder what the value is going to be?
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November 07, 2013, 02:24:08 AM
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Senate wants to stop Bitcoin? BitcoinChina don't give a fuck!

Nah just want to make sure they get a good cut (taxes). Capital gains mainly.

And FBAR for the folks storing coins overseas that think they are anonymous in the land of the NSA.

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
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November 18, 2013, 08:08:25 AM
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Hmmmm.... I wonder what the value is going to be?
any tips?


 
 
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