Bitcoin Foundation Plays Down Silk Road Connection at Senate Hearing
The full video of today's Senate Committee on Homeland Security and Governmental Affairs hearing can be viewed here. Even the title of Monday's Senate Committee hearing on bitcoin reflects the overriding concern. "Beyond Silk Road - Potential Threats, Risks, and Promises of Virtual Currency" brings together several speakers from the government, industry, and non-profit sectors to give their opinions to the Senate's Committee on Homeland Security and Governmental Affairs about the potential security risks of the cryptocurrency. Here is a roundup of what to expect from testimony given at the....
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‘Beyond Silk Road: potential risks, threats, and promises of virtual currencies’ is the title of the forthcoming special hearing. Senators will debate approaches of new cryptocurrency and modern technologies. According to the plan of hearing, senators are going to listen to the economists, IT specialists and experts of encryption. Both experts from US law enforcement agencies and people representing bitcoin interests, including members of the Bitcoin Foundation, will be able to testify on hearing. It seems than the main reason for the Senate hearings was the closure of the Silk Road....
Both the DOJ and the SEC have told a US Senate committee hearing that Bitcoin represents a legitimate financial instrument, delighting investors and speculators at the idea of wider acceptance from the mainstream. Their comments came ahead of a hearing called by the US Senate Committee on Homeland Security and Governmental Affairs to look into the potential of digital currencies, and the risks they may pose. This just a month after the FBI shut down the Silk Road, an unregulated online marketplace that become the go-to website for anyone seeking mail-order drugs. Silk Road payments were....
After US authorities identified Bitcoin as a “legal means of exchange” before Congress, the currency hit a high water mark of $750 on the Mt. Gox exchange. The hearing, titled “Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies” and held by the Senate Homeland Security and Governmental Affairs Committee on November 18 in Washington, was called in the wake of the FBI’s shutting down of the Silk Road. Users of Silk Road, an unregulated online marketplace that allowed mail-order drug deals to flourish, paid in Bitcoin, and this become one of the dominant narratives....
The US Senate Committee on Homeland Security and Governmental Affairs has set 18th November as the date for its hearing into bitcoin and other cryptocurrencies. US Senator Tom Carper, chairman of the committee, said last week that the aim of the hearing, titled 'Beyond Silk Road: potential risks, threats, and promises of virtual currencies', is to "dig into what a whole-government approach to this new and unique technology may look like". According to a post on the Bitcoin Talk forum, several people representing bitcoin interests have been invited to testify, including members of the....
In a letter released a day before a Senate committee hearing on Bitcoin, the FBI recognized the digital currency as offering “legitimate financial services,” though it warned criminals and those with malicious intent could exploit the currency. Still, it was a sufficient vote of confidence to send Bitcoin prices to new record highs. The Mt. Gox exchange briefly saw trades of 1 BTC for 900 USD before the price stabilized. The asking price just three weeks earlier had been around $200. The hearing was called by the Homeland Security and Governmental Affairs Committee to determine the risks....