fearistehmindkiller93 karma2014-02-20 17:38:11 UTC
First off I'd like to thank you for doing this AMA and for your open approach to regulation in general. I have three questions that I'd like to ask.
The regulatory barriers to setting up an exchange in the U.S. are extremely high, in large part because of the requirement for exchanges to obtain 47 separate money transmitters licenses. In light of the fact that there isn't a single major Bitcoin exchange located in the U.S., it seems clear that to some extent this regulation is driving innovation out of the country. Do you have any personal opinions on how state and federal regulators might address this issue?
There have been several cases of users receiving warnings or even having bank accounts closed simply for dealing with legitimate Bitcoin related companies like Coinbase. Is one of your goals with regulation to clarify the legal status of cryptocurrencies so that this ceases to be another barrier to innovation?
At the senate hearings last fall, comments by Jen Shasky of Fincen and the member of the secret service seemed to indicate the federal law enforcement officials have all the tools they need in order to prosecute crimes involving cryptocurrency. The failure of multiple silk roads and the arrest of Charlie Shrem among others seems to support this. In light of this fact, what are your thoughts on the recent comments by Treasury Secretary Jack Lew?
"As a policy matter, what we have to look at across all the different forms of payment is that the same rules apply, it’s a level playing field,” he said. “Just as with cash or checks, if there’s virtual currency or online payment methods, they’ll have to comply with all the same laws that everybody else complies with. It’s not going to be ok to do elicit activity, whatever form of currency you’re using.”
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fearistehmindkiller24 karma2014-02-20 19:07:57 UTC
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