31 Jan '14, 11am

Bitcoin's Fate Is in the Hands of Clueless Regulators

New York County District Attorney Cyrus R. Vance Jr. (left) and Deputy District Attorney for the Southern District of New York Richard B. Zabel testify at a hearing in Manhattan. Photo: Eric Thayer/Reuters New York financial regulators held hearings on bitcoin and other digital currencies this week, and many of the businesses looking to push the digital currency into our everyday lives welcomed them with open arms. Companies like Coinbase — a Silicon Valley bitcoin startup with $25 million in venture capital — are eager to operate within guidelines laid down by federal and state regulators. They want to build businesses that will last. The problem is our financial regulators don’t understand bitcoin well enough to regulate it. That became increasingly obvious during the hearings, and it’s not at all surprising. The five-year-old cryptocurrency is an unprecedented experimen...

Full article: http://www.wired.com/wiredenterprise/2014/01/new-york-bit...

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