Federal Scrutiny On Bitcoin Ramps Up

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Directly on the heels of a Federal assault on the alternative currency Liberty Reserve, Federal regulators are discussing more oversight of Bitcoin and other virtual currencies.

“It’s gotten to a level where I think for us not to take notice and to try and make some sort of determination about what to do would be irresponsible,” said Bart Chilton, a commissioner on the Commodities Futures Trading Commission (CFTC) told The Hill.

Writing for Forbes, contributor Tim Worstall explains how Federal officials can destroy any alternative currency with bureaucracy:

Almost anyone at all in that international financial system has a connection into the US one. And if the US bureaucracy that oversees that US financial system decides that it doesn’t like people who deal with Bitcoin, or even doesn’t like people who deal with people who deal with Bitcoin, then Bitcoin just won’t have access to the international financial system. It’s not a matter of pure legality either. Bitcoin itself certainly isn’t illegal, paying for something with it isn’t, changing $ into $B isn’t and so on. But there are enough regulations about who may do what with whom in the financial system that any determined bureaucracy can freeze someone out of it.

Sam Rolley

Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After covering community news and politics, Rolley took a position at Personal Liberty Media Group where could better hone his focus on his true passions: national politics and liberty issues. In his daily columns and reports, Rolley works to help readers understand which lies are perpetuated by the mainstream media and to stay on top of issues ignored by more conventional media outlets.