The November 18 Senate hearing on virtual currencies emphasized two themes: virtual currencies’ potential pitfalls and promises. Committee Chairman Carper, the sole questioner and Committee attendee, generally asked optimistic questions regarding the virtual currency ecosystem, likening it to the early days of the internet. He did not comment on any pending legislation, but instead probed law enforcement about regulatory gaps and asked industry members about regulatory difficulties. The high-level discussion included concerns about criminal anonymity and consumer privacy, the relatively small volume of virtual currency laundering practices but its potential for abuse, the need for regulatory clarity, and the potential for substantial economic innovation and growth.
