YELLEN: Fed Has No Authority To Regulate Bitcoin

[zedicus]

and i quote!!!

Federal Reserve Chairman - Yellen:

   " To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate "


http://www.businessinsider.com/yellen-on-bitcoin-2014-2


  She says congress should look at regulatory structure for bitcoin.



If words mean anything.. she just spelled it out.

[porcupine87]

Bitcoin in the media and minds of people has to possibilities:
1. Bitcoin get used for illicit actions, tax evasions and so on. And it harms the consumer, because it is so voltatile and not backed by anything. It could be worth norhing tomorrow.
2. Bitcoin is like the internet. It is disruptive to the current financial system and if not, it was a nice try.

I highly favor #2, at least of America and Europe. They will never ban it! But sure, there will be people who want to ban it. But they will never get a majority.

[Ivanhoe]

"Bitcoin is a payment innovation that's taking place outside the banking industry. To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the fed doesn't have authority to supervise or regulate Bitcoin in anyway."

"The Fed doesn't have authority with respect to Bitcoin," she responded. "But certainly it would be appropriate for Congress to ask questions about what the right legal structure would be for digital currencies...My understanding is Bitcoin doesn't touch [U.S.] banks."

"It's not so easy to regulate Bitcoin because there's no central issuer or network operator. This is a decentralized, global [entity]."

"We're looking at this," she concluded.



Unleash the bull.

[zedicus]

"Not easy to regulate bitcoin without central issuer", she says!!

[porcupine87]

"Not easy to regulate bitcoin without central issuer", she says!!

It is good that one of the most powerful persons in the world knows about this!

[NamelessOne]

LOL that idiot was trying to make a name for himself... and now he has... by presenting himself to the world as a complete imbecile and laughing stock.

[zedicus]

"Not easy to regulate bitcoin without central issuer", she says!!

It is good that one of the most powerful persons in the world knows about this!

Ya think they sat and watched the weusecoins video ? 

[hilariousandco]

Why would the FED have authority over it? And isn't it the government that make the regulations?

[p0peji]

Bitcoin in the media and minds of people has to possibilities:
1. Bitcoin get used for illicit actions, tax evasions and so on. And it harms the consumer, because it is so voltatile and not backed by anything. It could be worth norhing tomorrow.
2. Bitcoin is like the internet. It is disruptive to the current financial system and if not, it was a nice try.

I highly favor #2, at least of America and Europe. They will never ban it! But sure, there will be people who want to ban it. But they will never get a majority.

If #2 is true, it will be a place for free spirits in the beginning and after it is established will be used by the US gestapo to police everyone around the globe.

[lumierre]

The conspiracy theorists who think Bitcoin is by the NSA and Fed will quote this again like they did with Bernanke. Nothing will get their trust. Not even math. I feel sad for those people.

[bassclef]

LOL that idiot was trying to make a name for himself... and now he has... by presenting himself to the world as a complete imbecile and laughing stock.

Who, Yellen? You do realize she's a woman.

[dasein]

LOL that idiot was trying to make a name for himself... and now he has... by presenting himself to the world as a complete imbecile and laughing stock.

Who, Yellen? You do realize she's a woman.

I think he meant the senator asking the question: Joe Manchin.

[bassclef]

LOL that idiot was trying to make a name for himself... and now he has... by presenting himself to the world as a complete imbecile and laughing stock.

Who, Yellen? You do realize she's a woman.

I think he meant the senator asking the question: Joe Manchin.

But one could realize why the mistake could be made. She is a bit mannish.

[BittBurger]

Well I guess it's good they still don't realize that the guy screaming for the ban, is correct.

Bitcoin poses a direct threat.   But I suppose arrogance gets in the way.

-B-