Congressional Report Warns of Potential Bitcoin Threat to US Dollar
A Congressional report quietly released last month suggests that bitcoin could be a threat to US monetary policy, and makes the case for continued central banking control. The report, Bitcoin: Questions, Answers, and Analysis of Legal Issues, was published by the Congressional Research Service, which produces research reports for US policy makers. It argues for the benefits of a single, incumbent currency (the US dollar), for stability. "If greater use of bitcoin (and other cryptocurrencies) leads to multiple monetary units, these benefits could be threatened, particularly if these new....
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The Congressional Research Service, aka "Congress' Think Tank," recently made public their report on Bitcoin, Bitcoin: Questions, Answers, and Analysis of Legal Issues. The fascinating report details in sparkling prose the history, uses, threats and regulatory implications of the world's best-known cryptocurrency. The report's most interesting part deals with the impact Bitcoin might have on the Federal Reserve. According to these experts, widespread adoption of Bitcoin could severely curtail the effectiveness of the Fed's monetary policy. The report describes the Federal Reserve's mission....
Former congressman Ron Paul has warned of a government crackdown on bitcoin and safe-haven assets may not be safe from government intervention. “The government is the threat,” he said, noting that “they will crack down because they have the ability to do it.” Ron Paul Warns of Government Threat to Bitcoin Former presidential candidate Ron Paul shared his view on the government’s intervention on bitcoin in an interview last week with Kitco News’ Michelle Makori. Paul is an American author, physician, and retired politician. The former congressman from....
Security firm Kaspersky Lab has found that bitcoin is the target in more than one fifth of all malware attacks aimed at victims' money. According to Kaspersky's latest threat report, entitled 'IT Threat Evolution Q2 2014', bitcoin mining malware accounted for 14% of attacks in the second quarter of 2014, while bitcoin wallet stealers accounted for 8%. Keyloggers, which can be used to compromise both bitcoin and banking services, also made the list, with 4% of all attacks attributed to various forms of key logging malware. Traditional banking malware still leads the way with 74%, but....
The Stamp Payments Act Cannot Stamp Out Bitcoin: Instead, It Highlights Why Bitcoin Is Sorely Needed
The Congressional Research Service (CRS) has finally released a report on Bitcoin. From my days as a Congressional Intern I know first hand just how influential these reports can be. Overall, the report is incredibly well-researched, and exactly what I was expecting from the CRS's Bitcoin report. Unfortunately, as is always the case in research presented to Congress, analysis of existing laws that might effect the subject matter at hand: Bitcoin. One particular piece of prior legislation that was mentioned is the Stamp Payments Act of 1862. The law specifically says: “Whoever makes,....