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Arthur Levitt, a former chairman of the U.S. Securities and Exchange Commission, said on Thursday he believed the regulator was ill equipped to deal with bitcoin, the digital currency that has. 28/10/ · Arthur Levitt, the longest-serving chairman of the Securities and Exchange Commission, is joining the advisory boards of two bitcoin-focused sgwtest.deted Reading Time: 1 min. 15/09/ · News opinion On Thursday, the longest-tenured chairman of the US Securities and Exchange Commission was said to express his belief in the staying power of cryptocurrency. Arthur Levitt, who served during the Bill Clinton and George W. Bush administrations, pointed to global economic imbalances as the reason for the persistence of alternative currency. 29/10/ · Arthur Levitt. As reported on our digital currency site DC Magnates, becoming an advisor to bitcoin payment processing firm Bitpay and bitcoun exchange Vaurum, is former Chairman of the Securities and Commission (SEC), Arthur Levitt.. Join the iFX EXPO Asia and discover your gateway to the Asian Markets. Levitt served as SEC Chairman from , and considered to have a pro Author: Ron Finberg.
Arthur Levitt, the longest-serving chairman of the Securities and Exchange Commission, is joining the advisory boards of two bitcoin-focused companies. As an adviser to Atlanta-based BitPay, a bitcoin payment processor, and Vaurum, a Palo Alto-based bitcoin exchange for institutional investors, Mr. The appointments will be formally announced Tuesday. Bitcoin is an independent digital currency in which transactions are verified by a network of computer owners and a universal payments ledger.
The model strips out banks, credit card companies and other intermediary institutions from electronic payments and so aims to reduce costs in the system. Levitt, who ran the SEC between and and who these days works in a variety of consulting roles, is one of the highest-profile members of the U. Levitt said. You may change your billing preferences at any time in the Customer Center or call Customer Service.
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Levitt, who is the SEC’s longest serving chairman, will work with payment processor BitPay and institutional exchange Vaurum to help „monitor business practices“ and develop ways to market the new currency. BitPay has established itself as one of the world’s leading bitcoin payment processors, used by some 40, businesses, and has already hired Tim Byun, former head of AML for Visa, as chief compliance officer.
However, the firm could face a new headache thanks to a ruling from the Financial Crimes Enforcement Network FinCEN , which suggests that bitcoin payment processors could be considered a „money transmitter“ under the Bank Secrecy Act. Responding to a letter asking for an administrative ruling from a firm planning to facilitate bitcoin transactions between merchants and customers, FinCEN writes that it „would be a money transmitter and should comply with all risk management, risk mitigation, recordkeeping, reporting, and transaction monitoring requirements corresponding to such status“.
According to a CoinDesk report, BitPay and others have previously suggested that they are not subject to FinCEN rules because they only accept and transmit funds necessary to sales.
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On September 14, , the Washington Post published some thoughts on cryptocurrency from Arthur Levitt , the longest-serving chairman of the US Securities and Exchange Commission. The ex-chairman was well-known for his focus on investor protection. Investing in the institutional infrastructure certainly seems like a wise strategy.
Rather than worry about the day to day vagaries of price, one might want to bet on the continued existence of cryptocurrencies. Although Chinese exchanges are under fire at the moment, there are plenty of countries where legal cryptocurrency businesses are thriving e. This comes up as an alternative currency. Over the last decade, millions of people around the world have seemingly lost faith in their governments.
ETHNews previously featured the potential for cryptocurrency in unstable economic and political situations. When citizens lose faith in the justice system, vigilantism may take root. In a sense, non-fiat cryptocurrency represents a parallel of financial vigilantism. Only time will tell whether this economic experiment is sustainable in the long-run.
Matthew is a writer with a passion for emerging technology.
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By John McCrank. NEW YORK Reuters – Arthur Levitt, a former chairman of the U. Securities and Exchange Commission, said on Thursday he believed the regulator was ill equipped to deal with bitcoin, the digital currency that has seen a meteoric price rise, prompting concerns of a bubble. Digital currencies can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government.
Shares of the trust are trading up percent this year. There have also been a number of massive cybersecurity breaches affecting digital currency holders. Another factor is that the SEC does not want to get into a battle with state regulators, which have taken the lead on regulating bitcoin, said Levitt. Our Standards: The Thomson Reuters Trust Principles. Technology News Updated. By John McCrank 3 Min Read.
Arthur Levitt, former chairman of the United States Securities and Exchange Commission SEC , takes part in the Reuters Global Wealth Management Summit in New York June 5,
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Whenever something new is invented, people start criticising it. Its like people do not want to leave the comfort zone or try anything new. Like when Cellular phones were being invented people did not believe that it could replace the wired phones, but see today, this generation of kids do not know anything about the wired phones.
Even when bitcoin was going get launched, a lot of naysayers predicted that its market will not last long. Although even today, most people do not believe in Bitcoin, they cannot deny that its growth rate is quite impressive. The speculation regarding its future has remained a constant topic of discussion. As some naysayers still feel that investing in Bitcoin is worthless, on the other hand, there are some naysayers who have actually turned into its believer and even have started to invest in it.
You can not deny the fact that every disruptive piece of technology attracts haters. The same thing happened with Bitcoin, many naysayers came out started criticising it but then came a time those naysayers had to swallow there own words and speak in favour of Bitcoin. Like this, not one but many people had criticised Bitcoin.
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Since it was introduced more than five years ago, Bitcoin has been viewed as a way to operate outside the realm of the existing financial system and the laws that govern it. But more recently, Bitcoin companies have been luring the financial establishment into their ranks. In what virtual currency supporters say is a sign that the Bitcoin industry is maturing, several well-known financial and legal experts have joined Bitcoin companies.
The latest, and arguably most prominent, is Arthur Levitt Jr. The moves were announced on Tuesday. Levitt said in an interview. Levitt, who is 83, ran the S. He is on the board of Motif Investing, an online investing platform, and Bloomberg L. Levitt said he aims to help both BitPay and Vaurum build their businesses and encourage them to be transparent with regulators. Levitt said. As the virtual currency has become more popular, government officials and regulators have started taking steps to bring it under their purview.
Among others, the Internal Revenue Service, the S.
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Former US Securities and Exchange Commission SEC chairman Arthur Levitt will be advising bitcoin companies BitPay and Vaurum. BitPay is a bitcoin payment processing company, while Vauram is a bitcoin exchange designed for institutional investors. Levitt, who is the longest serving chairman of the SEC, will work closely with both companies to monitor business practices as well as help develop new ways to market and refine the cryptocurrency.
BitPay was founded in May and currently enables over 40, businesses around the world to accept bitcoin as a form of payment. Vaurum is an escrow exchange for bitcoin, offering secure storage solutions. Its customers include banks, brokerages, hedge funds, and trading firms. Many bitcoin backers have pointed out Levitt’s support as a positive development for the digital currency industry.
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30/10/ · In addition to his existing board role with Motif Investing, Levitt announced this week that he will join the boards of two bitcoin startups, bitcoin merchant processor BitPayand institutional bitcoin exchange sgwtest.deted Reading Time: 6 mins. 29/10/ · Bitcoin Reuters. Former US Securities and Exchange Commission (SEC) chairman Arthur Levitt will be advising bitcoin companies BitPay and Vaurum. BitPay is a bitcoin payment processing company, while Vauram is a bitcoin exchange designed for institutional investors.
Arthur Levitt, a former chairman of the US Securities and Exchange Commission SEC , said yesterday he believed the regulator was ill-equipped to deal with Bitcoin, the digital currency that has seen a meteoric price rise, prompting concerns of a bubble. Digital currencies can be used to move money around the world quickly and with relative anonymity, without the need for a central authority, such as a bank or government.
Levitt’s comments came a day after Grayscale Investments said Intercontinental Exchange’s NYSE Arca exchange withdrew a request with the SEC to list its Bitcoin Investment Trust. Grayscale, the fund’s issuer, noted that earlier this year, the SEC rejected two similar applications for exchange listings of digital currency products. The Bitcoin Investment Trust is currently traded „over the counter“ in less formal, more lightly regulated exchanges than those used for typical stock transactions.
There have also been a number of massive cyber security breaches affecting digital currency holders. Levitt said the commission, which says its mission „is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation,“ clearly should be prepared to regulate Bitcoin. Another factor is that the SEC does not want to get into a battle with state regulators, which have taken the lead on regulating Bitcoin, said Levitt.
US regulator ’not equipped to take on Bitcoin‘. By Reuters. Read time 2min 20sec. Arthur Levitt, former chairman of the US Securities and Exchange Commission.