"We feel comfortable that the statutes we have available to us now, are broad enough to cover what we have been talking about today."
Justice Department is saying we don't need any other tools to combat virtual currency crime.
That may be the best quote of the day.
Justice Dept expressly telling Congress to just give us more $ but don't pass anymore laws. Excellent.
Topic: Hearing on BTC in senate NOW - page 6. (Read 9843 times)
I think they're just saying, their department needs more money to track violations of bitcoins. That's all they want anyway, a larger budget for their dept. Win-Win.
Ah, beat me to it. Guess I should have read the new comments before posting.
Yep, I see coin validation in our future.
i hate this woman raman she is so dumb
Sen Tom Carper gave the analogy that in the early days of the internet that people said it was a concern for bad things but has become a use for great innovation.
Now the other speakers are commenting on this.
So far the speaker from FINCEN is saying that innovation is very important and it part of who we are as Americans.
Raman said that as an emerging technology the law enforcement is attune to the illegitimate uses but she is saying that the virtual currencies are not illegal in themselves and that there are legitimate uses as long as they comply but we need to be watchful.
Lowery from Homeland Security is focusing on the threats but not the positives.
Now the other speakers are commenting on this.
So far the speaker from FINCEN is saying that innovation is very important and it part of who we are as Americans.
Raman said that as an emerging technology the law enforcement is attune to the illegitimate uses but she is saying that the virtual currencies are not illegal in themselves and that there are legitimate uses as long as they comply but we need to be watchful.
Lowery from Homeland Security is focusing on the threats but not the positives.
...and if you look at all of these comments assuming the conclusion is "...as such my department needs more funding" they're all consistent. Imagine that.
this hearing is going great imo
+1
Noone can expect, they say "We are the state. We are the regulators and we absolutely don't give a shit!". Sure they say, they want to enforce their laws to defend crime.
I think they're just saying, their department needs more money to track violations of bitcoins. That's all they want anyway, a larger budget for their dept. Win-Win.
Sen Tom Carper gave the analogy that in the early days of the internet that people said it was a concern for bad things but has become a use for great innovation.
Now the other speakers are commenting on this.
So far the speaker from FINCEN is saying that innovation is very important and it part of who we are as Americans.
Raman said that as an emerging technology the law enforcement is attune to the illegitimate uses but she is saying that the virtual currencies are not illegal in themselves and that there are legitimate uses as long as they comply but we need to be watchful.
Lowery from Homeland Security is focusing on the threats but not the positives.
Now the other speakers are commenting on this.
So far the speaker from FINCEN is saying that innovation is very important and it part of who we are as Americans.
Raman said that as an emerging technology the law enforcement is attune to the illegitimate uses but she is saying that the virtual currencies are not illegal in themselves and that there are legitimate uses as long as they comply but we need to be watchful.
Lowery from Homeland Security is focusing on the threats but not the positives.
FinCEN appears to be very pro virtual currency according to this hearing.
Justice Department seems to be neutral. Prosecute criminals. Leave valid businesses alone.
Secret Service seems against it. But once again they're against everything, so no surprise there.
I'd say this hearing is turning out very positively. Atleast alot more positively than it could have gone.
Justice Department seems to be neutral. Prosecute criminals. Leave valid businesses alone.
Secret Service seems against it. But once again they're against everything, so no surprise there.
I'd say this hearing is turning out very positively. Atleast alot more positively than it could have gone.
Well done Mythili !!
Well said
Well said
this hearing is going great imo
Good analogy by Sen. Carper.
Internet was feared by these same people back in the day. The internet was thought to be the downfall of society at one time.
Internet was feared by these same people back in the day. The internet was thought to be the downfall of society at one time.
Edward Lowery with Homeland Security is foretelling growth of the currency and the use for illegal activity. He is talking about some investigations and how some of the criminals have been charged and convicted for money laundering and how they work with other agencies.
He is bragging about apprehending 4000 cyber criminals, primarily talking about Liberty Reserve and some others.
He said, "Digital currencies are a tool used by a wide range of criminals."
He does say at the end that while digital currencies can provide some benefits they are a challenge to law enforcements.
It sounds like he would rather not have any digital currency.
He is bragging about apprehending 4000 cyber criminals, primarily talking about Liberty Reserve and some others.
He said, "Digital currencies are a tool used by a wide range of criminals."
He does say at the end that while digital currencies can provide some benefits they are a challenge to law enforcements.
It sounds like he would rather not have any digital currency.
Yes, they are basically saying they will try and stop any illegal use of it. They are not saying they want to stop all use of it. Big woop.. BUY THE DIP
You have to remember that the guy testifying now only has one job. That is to investigate financial crimes.
He isn't there to say anything positive about anything except himself and his division.
He isn't there to say anything positive about anything except himself and his division.
600 now.. 100 by the end of the week.
Yeah, this sort of sucks. Only three witnesses from government agencies, FinCEN, DOJ Criminal and Secret Service. They will OF COURSE have an "everything is criminal" mindset. Where are the FEC, SEC, CFTC, bitcoin industry witnesses?
Anybody compiling a word cloud of this?
Patriot act x 1
Patriot act x 1
I expect to see high counts of 'criminal' 'money laundering' 'illegal' and 'terrorist'
you got that right. bitcoin will fail to pass.
Homeland Security is up now though. We will see how friendly they are to Bitcoin. . .
I have heard a few encouraging things so far. They seem to be saying that virtual currencies are not illegal but they are just concerned about tackling all illegal use of the virtual currencies. Mythili Raman said, "The department is encourage about the cooperation of the virtual currency organizations."
I guess the real question will be how they tackle the criminal use of the virtual currencies? I am all for that but I am sure it will cause some more restrictive use. It is not an easy problem to solve though.
At least I am not hearing them say that they need to do away with Bitcoin, thankfully.
I guess the real question will be how they tackle the criminal use of the virtual currencies? I am all for that but I am sure it will cause some more restrictive use. It is not an easy problem to solve though.
At least I am not hearing them say that they need to do away with Bitcoin, thankfully.
Jump to: