By Devin Coldewey
Drew Angerer / Getty Images file
Sen. Joe Manchin,
D-W.Va, has written to federal regulators urging them to totally ban
Bitcoin, the "cryptocurrency" that has so excited the financial and tech
world over the last year. Manchin calls Bitcoin "dangerous,"
"disruptive" and "highly unstable."
Addressed
to Treasury Secretary Jack Lew and several other regulators, the letter
paints Bitcoin as volatile and unregulated, a criminal currency already
denounced by other major governments.
"The
clear ends of Bitcoin for either transacting in illegal goods and
services or speculative gambling make me weary of its use," Manchin, who
sits on the Senate Banking Committee, concludes. "I urge the regulators
to work together, act quickly, and prohibit this dangerous currency
from harming hard-working Americans."
Sen. Manchin's objection certainly comes at a time of major turmoil in the virtual currency's history: The largest Bitcoin exchange (at which coins can be bought, sold, and traded), Mt. Gox, collapsed earlier this week
after months of problems. Federal prosecutors are already looking into
it and have reportedly issued subpoenas to Mt. Gox and others.
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The Wire
Janet Yellen Is Bitcoin Users' New Hero
Allie Jones
Associated Press
Diehard bitcoin believers can rest easy (for now). According to its new chair, Janet Yellen, the Federal Reserve will not regulate bitcoin. During her Senate Banking Committee hearing on Thursday, Yellen clarified the Fed's position on digital currencies for Sen. Joe Manchin. Manchin has asked federal regulators to ban the digital currency to "prohibit this dangerous currency from harming hard-working Americans." Yellen says the Fed can't do that.
"Bitcoin is a payment innovation that's taking place outside the banking industry," she explained. "To the best of my knowledge there's no intersection at all, in any way, between Bitcoin and banks that the Federal Reserve has the ability to supervise and regulate. So the fed doesn't have authority to supervise or regulate Bitcoin in anyway." This makes bitcoin users very happy.
In response to Yellen's statement, one bitcoin user posted on Reddit, "Well Manchin must feel like an idiot." According to users, Manchin doesn't get that the best thing about bitcoin is that it's unregulated. As another Reddit poster explained Thursday on the r/bitcoin forum:
Read More Here
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