US Senate Virtual Currency Hearing Summary
Curiously, US law enforcement feels it already has the general laws it needs. Yet it needs the talent base to use them, aka: SS is hiring. The US is behind in its guidance to business... US companies large and small very much want to play and lead just as soon as a compliance/certification framework appears in which they can safely build a business. Unofficial regulatory 'guidelines' and failure to issue business accounts/licenses due to that are not helping. Predicted that virtual currencies will be regulated, tax reported, etc at the exchange level as usual. US financial/consumer markets will evolve normally as with any fiat currency. Was felt US needed to be on par with and peer internationally for global regulation. The Four Horsemen of the Infocalypse, Tor, etc were all in effect, yet business and finance seemed to be the leaning and balancing interest of the hearing. A couple statements regarding "anonymity can be catastrophic", anonymity regulation, etc were made that were left open without further comment. Al Gore created Bitcoin. Bitcoin markets continued their rise after the hearing. Add/Correct/Discuss.
Ernie Allen from the International Centre for Missing and Exploited Children was a real disappointment, insofar as his statements about anonymity and government control were incredibly myopic. If your plan to protect children is to initiate force against people of all ages, you're going to have a bad day... -Kristov On 2013-11-18 20:47, grarpamp wrote:
Curiously, US law enforcement feels it already has the general laws it needs. Yet it needs the talent base to use them, aka: SS is hiring.
The US is behind in its guidance to business... US companies large and small very much want to play and lead just as soon as a compliance/certification framework appears in which they can safely build a business. Unofficial regulatory 'guidelines' and failure to issue business accounts/licenses due to that are not helping. Predicted that virtual currencies will be regulated, tax reported, etc at the exchange level as usual. US financial/consumer markets will evolve normally as with any fiat currency. Was felt US needed to be on par with and peer internationally for global regulation.
The Four Horsemen of the Infocalypse, Tor, etc were all in effect, yet business and finance seemed to be the leaning and balancing interest of the hearing.
A couple statements regarding "anonymity can be catastrophic", anonymity regulation, etc were made that were left open without further comment.
Al Gore created Bitcoin.
Bitcoin markets continued their rise after the hearing.
Add/Correct/Discuss.
Add/Correct/Discuss.
The Senate is nearly irrelevant. It is the regulatory bodies that matter. While Congressional members cannot be bothered even to read the 1,000 page bills they pass, in the meantime the regulations to implement them are beyond reading -- like the Obamacare regs that are 30x as long as law itself. As a cogent, current, and contemptible example directly relevant to the practice of planning for unexpected events and all that that entails, see how the Commodity Futures Trading Commission is destroying prediction markets including non-U.S. ones. --dan Neca eos omnes. Deus suos agnoscet.
participants (3)
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author＠anonymousbitcoinbook.com -
dan＠geer.org -
grarpamp