http://thedianerehmshow.org/stationsLawmakers And Regulators Take A Closer Look At BitcoinYesterday, the Senate Committee on Homeland Security and Governmental Affairs held a hearing on the potential risks, threats and promises of virtual currencies. Later today, a Senate Banking Committee will hold a similar hearing. The focus is on Bitcoin, a virtual currency that operates completely outside of U.S. financial regulations and protections. Critics argue the current lack of oversight offers anonymity to those hoping to skirt U.S. laws, but others say it’s a frontier in electronic commerce with important consumer benefits. Diane and her guests talk about Bitcoin and the future of virtual currencies.
Guests
Jennifer Shasky Calvery director, Financial Crimes Enforcement Network, U.S. Treasury Department
James Freis attorney, Cleary, Gottleib, Steen and Hamilton specializing in financial regulatory and enforcement issues.
Jamila Trindle senior reporter, Foreign Policy Magazine
Jon Matonis executive director, Bitcoin Foundation
Francois Velde senior economist, Federal Reserve Bank of Chicago
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I note that than one of the guests represents the Federal Reserve. How ironic. A secretive private entity that is above public scrutiny and feels unencumbered by legislative oversight and produces money out of thin air is complaining about another secretive entity that is outside public scrutiny producing money out of thin air. To further add to the irony, will anyone have the guts to forthrightly ask the representative from the Financial Crimes Enforcement Network how many of the "banksters" that crashed the economy have been brought up against charges and prosecuted? How about those at the credit rating agencies that gave high marks to inherently worthless financial instruments that they didn't understand - how many have been prosecuted? Let's be honest, the US Government has failed in being a proper steward of the traditional financial/monetary system. A clear case of the pot calling the kettle black.
