lfb.org / By Jeffrey Tucker / May 20, 2013
The opening talk at the Bitcoin 2013 conference in San Jose was given by the Wilklevoss twins, purported owners of 1% of the world’s existing Bitcoins. They addressed the burning question of whether and how much Bitcoin ought to be regulated by government.
Their primary message: “I don’t think anyone wants a fight — I think everyone here wants to build Bitcoin, to work with regulators… Cooperation is really the way forward.”
That was the opening salvo.The Bitcoin Foundation’s executive director also weighed in. “It’s time to engage with regulators and have a good, productive conversation,” Peter Vessenes told Cnet. This comment, and the Foundation’s intention to hire a lobbyist, prompted widespread calls from the rank and file for the Foundation to be dissolved.
And yet, apparently many people in the financial world agree with this nascent Bitcoin establishment. From their perspective, every regulation confers a welcome legitimacy on the currency/payment system, and grants it greater chance for market success. Already, people at the event this past weekend’s conference were discussing whether the Commodity Futures Trading Commission or the Securities and Exchange Commission would be the best overseer.
In private discussions with people who are pushing for this approach, the pro-regulation people view intervention as inevitable, and so therefore it is better to get out in front and push for rules that are not harmful but beneficial.
Thanks to BrotherJohnF