Lawmakers And Regulators Take A Closer Look At Bitcoin

Lawmakers And Regulators Take A Closer Look At Bitcoin

The Senate Homeland Security Committee hears testimony on the economic benefits of Bitcoin. Critics argue it provides a safe haven for drug traffickers and other criminals. Diane and her guests discuss new questions about the digital currency Bitcoin.

Yesterday, the Senate Committee on Homeland Security and Governmental Affairs held a hearing on the potential risks, threats and promises of virtual currencies. Later today, a Senate Banking Committee will hold a similar hearing. The focus is on Bitcoin, a virtual currency that operates completely outside of U.S. financial regulations and protections. Critics argue the current lack of oversight offers anonymity to those hoping to skirt U.S. laws, but others say it’s a frontier in electronic commerce with important consumer benefits. Diane and her guests talk about Bitcoin and the future of virtual currencies.

Guests

Jennifer Shasky Calvery

director, Financial Crimes Enforcement Network, U.S. Treasury Department

James Freis

attorney, Cleary, Gottleib, Steen and Hamilton specializing in financial regulatory and enforcement issues.

Jamila Trindle

senior reporter, Foreign Policy Magazine

Jon Matonis

executive director, Bitcoin Foundation

Francois Velde

senior economist, Federal Reserve Bank of Chicago

What Is Bitcoin?

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