As Bitcoin gets an increasing amount of attention from the government, the entrepreneurs and advocates behind the digital currency are getting ready for their close-up
They are hiring lawyers skilled in navigating the regulatory gauntlet, political operatives who can deal with the curiosities and concerns of Congress, and former government officials who can give the fledgling industry a good housekeeping seal of approval.
“It is still very much the early days here,” said Jeremy Allaire, chief executive of Bitcoin startup Circle. “There’s just got to be a lot more education and understanding among policymakers and regulators.”
On Thursday, Allaire announced former CFPB Deputy Director Raj Date has joined Circle’s board. With state and federal officials already expressing concerns that Bitcoin could be used to scam consumers, snagging Date — the first person Elizabeth Warren hired when starting up CFPB — is a coup.
Bitcoin has moved from a head-scratching what the government say
Bitcoin has moved from a head-scratching curiosity in Washington to an issue both regulators and lawmakers say they need to better understand and decide how to handle. Evangelists for the digital currency and those hoping to turn it into a moneymaking enterprise are bringing on help in D.C. and elsewhere to convince officials they can adapt to existing consumer-protection and money-laundering rules and don’t need a new set of standards. keep reading.