Bitcoin Foundation Goes To Washington To Educate US Policy Makers About Digital Currency

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Bitcoin Foundation Goes To Washington 

To Educate US Policy Makers About Digital Currency

Members of the Bitcoin Foundation educated US policy makers about digital currency in a meeting in Washington DC’s Capitol Hill yesterday (8-28-2013).

Peter Vessenes, Patrick Murck and Marco Santori represented the Bitcoin Foundation and spent the day talking protocol, block chain and mining with representatives from the offices of several congressmen and senators.

Santori, who is chair of the foundation’s Regulatory Affairs Committee, said the attendees raised a number of concerns including privacy and anti-money laundering issues, but most just wanted to know how the protocol works.

“The protocol can be used in many ways, so it’s helpful to make that distinction. We gave examples and analogies to explain the fundamentals. We said if bitcoin is like email, a bitcoin service is like Gmail and a bitcoin company is like Google,” Santori explained.

There were also a few people at the meeting who had a very in-depth understanding of bitcoin. 

Overall, he thinks the meeting went very well, but stressed it’s still very early days:

“We’re not yet at a stage where we are advocating a policy position. Capitol Hill is still understanding what bitcoin is, and we are trying to facilitate that process.

We were successful in bringing bitcoin out of boogeyman territory, though. That’s the first step, which hopefully prevents authorities making knee-jerk reactions.”

He believes it was important for the representatives to meet people involved in the bitcoin world, to show that digital currency is used by normal people, not just hardened criminals.

“Our real success over the past couple of days was beginning this dialogue. We welcome other federal regulatory agencies and enforcement agencies to reach out with any questions or concerns.” Santori concluded.

Yesterday’s session followed a meeting on Monday hosted by the Financial Crimes Enforcement Network (FinCEN), which was attended by the Bitcoin Foundation and high-level representatives from a number of US federal agencies.

The Bitcoin Foundation’s meeting with representatives from a number of US government departments yesterday was productive and encouraging, according to Patrick Murck.

Murck, who is general counsel for the Bitcoin Foundation, said all parties at the meeting had a “productive and frank” discussion about digital currency. “It was a positive first step for the industry in creating an open and on-going dialog. I left feeling very encouraged that we were able to dispel some myths and misinformation about how the bitcoin protocol works.”

Another attendee, Jim Harper, director of information policy studies at Cato Institute, shared this sentiment.

He said a number of topics were discussed at the meeting, which was held at US treasury building in Washington DC, including privacy, law enforcement and how government controls have the potential to strangle the industry before it has even had the chance to really get going.

“We talked about how the weight of regulation in the US can, and does, drive bitcoin service providers to move outside of the country,” Harper explained.

He suggested the Bitcoin Foundation was able to set the record straight on a number of digital currency-related issues, and that explaining what exactly the blockchain is and how it works largely dispelled the idea that there is some “magical secrecy” to bitcoin.

He went on to say:

“I counselled against the practice of spreading FUD (fear, uncertainty and doubt) about bitcoin, which is already all too common. It’s not OK to talk bitcoin down without a factual basis.”

Bitcoin supporters at the meeting came face to face with a lot of sceptics, with one attendee posing a question that Harper said demonstrated a “hostility to progressive change”. “Most people were sceptical, but open-minded and fair,” he concluded.

Many US-based bitcoiners fear regulators will take a harsh stance against digital currency. If this happens, some serious damage could be caused to the bitcoin ecosystem, as the country seems to contain the lion’s share of bitcoin businesses and enthusiasts.

This year to date, Americans have downloaded the original bitcoin client 460,394 times, which is greater than the number of downloads in China, the UK and Germany combined.

Today (8-29-2013), the Bitcoin Foundation will attend another meeting, this time at Capitol Hill, to further discuss legal issues surrounding cryptocurrency.

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Additional Resources:

* What is BitCoin and How Does It Work?

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