Tuesday, November 5, 2013

Bitcoin Comes Under Senate Scrutiny

Reports WSJ:
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.[....]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.
Bitcoin is not the anachist's currency. Government is going to regulate Bitcoin. It will ensure it can track any significant transaction.


  1. That is true, unless you "opt out" of their tracking schemes. Easy to do if you know what you are doing.

  2. "Bitcoin is not the anachist's currency."

    And what *is* the anarchist's currency, Robert?