Present and Future Impact of Virtual Currency: Joint Hearing Before the U.S. Senate Committee on Banking, Housing & Urban Affairs, Subcommittee on National Security and International Trade and Finance, and the Subcommittee on Economic Policy, One Hundred Thirteenth Congress, First Session, November 19, 2013   [open pdf - 1MB]

This is from the November 19, 2013 hearing, "The Present and Future Impact of Virtual Currency," before the U.S. Senate Committee on Banking, Housing and Urban Affairs. The purpose of this hearing was to discuss establishment of regulatory framework for virtual currencies. From the statement of Jennifer Shasky Calvery: "Virtual currency is a medium of exchange that operates like a currency in some environments but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. A convertible virtual currency either has an equivalent value in real currency, or 3 acts as a substitute for real currency. In other words, it is a virtual currency that can be exchanged for real currency. At FinCEN [Financial Crimes Enforcement Network], we have focused on two types of convertible virtual currencies: centralized and decentralized. […] Any financial institution, payment system, or medium of exchange has the potential to be exploited for money laundering or terrorist financing. Virtual currency is not different in this regard. As with all parts of the financial system, though, FinCEN seeks to understand the specific attributes that make virtual currency vulnerable to illicit use, so that we can both employ a smart regulatory approach and encourage industry to develop mitigating features in its products." Statements, letters, and materials submitted for the record include those of the following: Jenniver Shasky Calvery, David Cotney, Anthony Gallippi, Mercedes Kelley Tunstall, Sarah Jane Hughes, and Paul Smocer.

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