{"id":319,"date":"2013-11-25T01:36:00","date_gmt":"2013-11-25T01:36:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/this-senate-hearing-is-bitcoin-lovefes\/"},"modified":"2022-02-25T20:13:58","modified_gmt":"2022-02-25T18:13:58","slug":"this-senate-hearing-is-bitcoin-lovefest","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2013\/11\/this-senate-hearing-is-bitcoin-lovefest.html","title":{"rendered":"This Senate hearing is a Bitcoin lovefest"},"content":{"rendered":"

(WashingtonPost<\/a>) The Senate Committee on Homeland Security and Governmental Affairs,
\nchaired by Sen. Tom Carper (D-Del.), is holding the first congressional<\/a>
\nhearing on the future of Bitcoin. The first panel features senior
\nfigures from the Obama administration. And their comments about Bitcoin
\nhave been remarkably positive.<\/p>\n

After the officials gave their opening statements, Carper’s first
\nquestion drew a parallel to the Internet. He pointed out that in the
\nearly days of the Internet revolution, many people raised concerns about
\nillicit use of Internet technologies. Yet in the long run, he argued,
\nthe Internet has had a hugely beneficial effect on peoples lives, making
\npossible previously unimagined services like Facebook and YouTube.
\nCarper wanted to know if the witnesses saw Bitcoin in the same light.<\/p>\n

<\/a>Jennifer Calvery, director of the Financial Crimes Enforcement
\nNetwork, agreed with Carper. “Innovation is a very important part of our
\neconomy. It’s something for us to be proud of,” she said.<\/p>\n

“We are attuned to the criminal use,” added Mythili Raman of the
\nJustice Department. But “there are many legitimate uses. These virtual
\ncurrencies are not in and of themselves illegal.”<\/p>\n

“There is good reason for us to remain watchful” about Bitcoin being
\nused for illicit purposes, Raman added. “But we also intend to balance
\nthat against the need for legitimate users” to use the technology.<\/p>\n

Later in the same panel, Edward Lowery of the Secret Service
\ntestified that cyber criminals “have not by and large gravitated toward
\npeer-to-peer cryptocurrencies.” Rather, they “have by and large
\ngravitated toward centralized digital currencies that are based in a
\nlocale that may have less regulatory guidelines and less aggressive law
\nenforcement.”<\/p>\n

That’s been the tenor of the entire hearing so far. All three Obama
\nadministration officials expressed concern about Bitcoin being used for
\nillicit uses. But they also stressed that Bitcoin has important
\nlegitimate uses and that regulators need to be careful not to stifle
\ninnovation in virtual currencies. And they seemed to believe that the
\nsituation was under control, and none asked for new regulatory powers to
\ncrack down on illicit uses of the currency.<\/p>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(WashingtonPost) The Senate Committee on Homeland Security and Governmental Affairs, chaired by Sen. Tom Carper (D-Del.), is holding the first congressional hearing on the future of Bitcoin. The first panel features senior figures from the Obama administration. And their comments about Bitcoin have been remarkably positive. 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