Whether or Not Bitcoin Needs it, Regulators are Going to Regulate
The full video of today's Senate Committee on Homeland Security and Governmental Affairs hearing can be viewed here. As the Senate's Committee on Homeland Security and Governmental Affairs begins its hearing on virtual currencies today, one question stands out: do we need one? One commenter on bitcointalk.org said: "Waste of time. A decentralized currency doesn't need that." The whole point of bitcoin, after all, is that it was designed to usurp central control. Like the Internet itself, it routes itself around regulation. And yet, bitcoin advocates including Jeremy Allaire, founder of....
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Bitcoiners who are optimistic about Senate cryptocurrency legislation should remain skeptical of the legislators who want to regulate the industry.
The CEO of global investment bank JPMorgan, Jamie Dimon, says that bitcoin has no intrinsic value and “regulators are going to regulate the hell out of it.” He emphasized: “If people are using it for tax avoidance and sex trafficking and ransomware, it’s going to be regulated, whether you like it or not.”
JPMorgan’s Boss on Bitcoin and Crypto Regulation
JPMorgan Chase chairman and CEO Jamie Dimon continued to express his anti- bitcoin and crypto stance in an interview with Axios on HBO, published Monday.
Dimon was asked....
US financial regulators are considering the regulation of Bitcoin. Bart Chilton of the Commodity Futures Trading Commission (CFTC) told the Financial Times and Reuters that the organisation is 'seriously considering' regulation and 'if they wanted to', they could regulate it. Bitcoin is not a derivative and the CFTC only has a remit to regulate derivatives. But the US Treasury Department has already said that Bitcoin exchanges would come under existing regulations that prevent money laundering. While outcome of US regulation plans around bitcoin is still unclear, the fact that regulators....
Despite recent suggestions that its top financial bodies would not take any action against troubled bitcoin exchange Mt. Gox, Japan's senior regulators are now saying they would seek to regulate bitcoin, but only as part of an international effort. Speaking at a press conference on 27th February, Senior Vice Finance Minister Jiro Aichi addressed the topic, stating: "If we regulate [bitcoin], international collaboration would be necessary." Aichi suggested that this type of large-scale coordination is needed to prevent criminals from exploiting loopholes or weak points in international law.....
India's authorities are allegedly preparing a public advisory to warn against the risks associated with emerging digital currencies. The problem is not with the digital currencies themselves, but some worrying trends involving bitcoin and other cryptocurrencies. Indian regulators are concerned that increasingly popular bitcoin investment schemes could become a source of volatility, eventually turning into an electronic version of investor fraud. An unnamed senior Indian official told the Press Trust of India (PTI) that a public advisory may be issued soon to warn against the "possible....