Congress Considering Validating Bitcoin
Congress Considering Validating Bitcoin by Derek Hunter – Daily Caller
Friday afternoon the value of “Bitcoin cash,” an offshoot of the digital currency Bitcoin, surged 40 percent to $655. As the volatile currency increases in value it also increases in interest in Washington, which has mostly ignored its rise in popularity. Three Members of Congress are working on legislation to protect certain digital currencies from government interference, The Daily Caller has learned.
Sources on the Hill told the D.C. said various members of Congress are looking at the compliant capabilities of AML Bitcoin, which is a compliant digital currency. Bitcoin is the most famous digital currency, or crypto-currency, and has skyrocket in value over the past few weeks. Business Insider reported this week that one Bitcoin is now valued at almost $4,400 and “Bitcoin has rallied over 300% since the start of 2017.”
Although very valuable, Bitcoin has been surrounded with controversy. The New York Post reported in August that a young British model was auctioned off on the dark web with an “ad set the opening bid at $353,000 in bitcoin” because the currency is untraceable.
Members of Congress are working on legislation that would provide protections to currencies if they meet certain minimum conditions on preventing the currencies from being used by terrorists, drug traffickers, and others engaged in unlawful business practices. The plan would bring digital currency out of the shadows and is expected to be met with support from libertarian leaning members of Congress and some opposition from Treasury officials who don’t want competition for the dollar.
Because discussions didn’t start until just before the August recess, legislation is in the process of being drafted and vetted during the Congressional vacation. The three offices looking at the issue asked not to be identified for this story because of the sensitivity of the issue and the complexity of the solution.