Senate crypto hearing hosts Bitcoin debate

posted 5 months ago
On Thursday, October 11th, the US Senate’s top banking committee held a debate form hearing on cryptocurrencies and blockchain, Coin Center’s crypto-visionary Peter Van Valkenburgh served as an expert witnesses. “Why is it revolutionary? Because it works without the need to trust a middleman,” Van Valkenburgh said of Bitcoin near the start of his introduction.

Van Valkenburgh also cited an example of an Afghani entrepreneur paying her female coders with Bitcoin later in his testimony. "…anyone, regardless of their nationality, race, religion, sex, or credit-worthiness can (for absolutely no cost) create a Bitcoin address in order to receive payments digitally... We need light-touch pro-innovation policy to ensure that these innovations flourish in America for the benefit and security of all Americans,” Van Valkenburgh later concluded.

“What should we be thinking about to secure [cryptocurrencies],” Sen. Elizabeth Warren (D-MA) asked of Van Valkenburgh. Van Valkenburgh voiced that the auditability of the Bitcoin network’s ledger has made tracking crimes on its blockchain, e.g. BTC-e’s financial fraud, relatively easy. The hearing was ultimately a brief one, and no ultimate oversight conclusions were reached. However, the session marks yet another step toward increased congressional familiarity with the cryptocurrency arena.
Tags: blockchain, bitcoin, news