Hearing on BTC in senate NOW

[Nolo]

Good analogy by Sen. Carper.

Internet was feared by these same people back in the day.  The internet was thought to be the downfall of society at one time. 

[applelover]

this hearing is going great imo

[revilo]

Well done Mythili !!
Well said

[Nolo]

FinCEN appears to be very pro virtual currency according to this hearing.

Justice Department seems to be neutral.  Prosecute criminals.  Leave valid businesses alone. 

Secret Service seems against it.  But once again they're against everything, so no surprise there. 

I'd say this hearing is turning out very positively.  Atleast alot more positively than it could have gone.

[BitChick]

Sen Tom Carper gave the analogy that in the early days of the internet that people said it was a concern for bad things but has become a use for great innovation.

Now the other speakers are commenting on this.

So far the speaker from FINCEN is saying that innovation is very important and it part of who we are as Americans.

Raman said that as an emerging technology the law enforcement is attune to the illegitimate uses but she is saying that the virtual currencies are not illegal in themselves and that there are legitimate uses as long as they comply but we need to be watchful.

Lowery from Homeland Security is focusing on the threats but not the positives.  

[Bboy360]

I think they're just saying, their department needs more money to track violations of bitcoins.  That's all they want anyway, a larger budget for their dept.  Win-Win.

[porcupine87]

this hearing is going great imo

+1

Noone can expect, they say "We are the state. We are the regulators and we absolutely don't give a shit!". Sure they say, they want to enforce their laws to defend crime.

[mootinator]

Sen Tom Carper gave the analogy that in the early days of the internet that people said it was a concern for bad things but has become a use for great innovation.

Now the other speakers are commenting on this.

So far the speaker from FINCEN is saying that innovation is very important and it part of who we are as Americans.

Raman said that as an emerging technology the law enforcement is attune to the illegitimate uses but she is saying that the virtual currencies are not illegal in themselves and that there are legitimate uses as long as they comply but we need to be watchful.

Lowery from Homeland Security is focusing on the threats but not the positives.  

...and if you look at all of these comments assuming the conclusion is "...as such my department needs more funding" they're all consistent. Imagine that.

[applelover]

i hate this woman raman she is so dumb

[Paladin69]

Yep, I see coin validation in our future.

[mootinator]

I think they're just saying, their department needs more money to track violations of bitcoins.  That's all they want anyway, a larger budget for their dept.  Win-Win.

Ah, beat me to it. Guess I should have read the new comments before posting.

[Nolo]

"We feel comfortable that the statutes we have available to us now, are broad enough to cover what we have been talking about today."

Justice Department is saying we don't need any other tools to combat virtual currency crime.
That may be the best quote of the day.
Justice Dept expressly telling Congress to just give us more $ but don't pass anymore laws.  Excellent.  

[Spekulatius]

What is that white thing to his right?

Is it some kind of cream?

[Kouye]

Justice Department is saying we don't need any other tools to combat virtual currency crime.

They all keep talking about virtual currency.
Guess they'll need a couple more years to understand what's happening.

[applelover]

this hearing couldn't possibly go better imo.  everyone has talked about the future challenges, acknowledging that bitcoins are here to stay.  and this capper guy loves bitcoins so much he probably had his wife buy a couple thousand before this hearing.  bitcoins are a lock to hit 1k by end of the week.

"cash is still the best medium for laundering money"

[Nolo]

Wow.  Even the Secret Service is admitting the cybercriminal is not inclined to use Bitcoins. 

He says there should be a distinction made between Bitcoins and other virtual currencies. 

[PinkBatman]

What is that white thing to his right?

Is it some kind of cream?

Off topic but it's hand sanitizer.

[mogs]

This is big.. US is getting behind it. The negative speak just has to be said... let the buying games begin.. Who will hold all the BTC, China? USA? India? Middle East? Only 12,000,000 to go around right now.

[Nolo]

This is big.. US is getting behind it. The negative speak just has to be said... let the buying games begin.. Who will hold all the BTC, China? USA? India? Middle East? Only 12,000,000 to go around right now.

Probably doesn't hurt that the U.S. government now owns about $70,000,000 worth of bitcoins lol

[freedomno1]

Its interesting as heck
No wonder the price is moving