Jonathan Silverman:
Virtual currencies have tremendous potential to reshape our world’s political and economic landscape. To Bitcoin’s naysayers I urge them to take a look at the lessons we can draw from this innovative new stuff. The technology behind the Bitcoin protocol alone could dramatically transform clearing and settlement processes for established financial products. There is much work to be done and the financial community is just beginning to take notice. So too are the regulators. Regulation of virtual currencies in the United States is well underway with FinCEN giving its first guidance on the subject in March of this year. Even under this purview there is room for Bitcoin to survive and thrive. In the long run I welcome this oversight. With the support of venture capital funding, the second generation of Bitcoin start ups are putting down roots. More importantly it appears that many of them will be compliant with US regulation and law by FinCEN’s deadline in mid-September. Wall Street would be wise to pay attention.
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