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Bitcoin Companies Testify Before Senate Digital Currency Committee

November 20, 2024         By: Kevin Xu

Bitcoin evangelists, leaders, and diehards went to Washington D.C. this week to face the Senate firing squads.

They were probed by the Subcommittee on National Security and International Trade and Finance along with the Subcommittee on Economic Policy of the US Senate Committee on Banking, Housing, and Urban Affairs.

The hearing, which aimed to explore “The Present and Future Impact of Virtual Currency,” generated some clues as to the U.S. government’s general sentiments regarding digital money.

Tony Gallippi, CEO of BitPay (a bitcoin payment processor), testified during the Senate hearings. New York Democratic Senator, Chuck Schumer commented, “In order for Bitcoin to flourish it is imperative its susceptibility to illicit uses be addressed.”

Mr. Gallippi responded, “We share in the common goal; to protect the consumers from fraud and that legitimate service providers separate the good actors from the bad.”

Speculation has driven bitcoin to become more of an investment vehicle, but a number of bitcoin companies are pushing for bitcoin to become a new standard for global digital commerce.

The current payment networks are rooted on old technologies that are a headache for financial institutions to adapt to changing regulations and best practices, and in the end, the consumer gets shafted.

Bitcoin is at the forefront of disruption and whether you believe in or shun its potential, it appears the digital currency will have its time to grow into its own without the pressures of impeding regulation.

According to Stephen Pair, co-founder and CTO of BitPay, “We anticipate the US government will continue to educate itself on digital currencies and solicit the input from various companies in the space. Based on the hearings we don’t anticipate any near term regulatory changes.”