Submit. My name is david cotney and i serves t as the commissioner of banks for the commonwealth of massachusetts. It is my pleasure to testify before you today on behalf behalf of the conference of ou state supervisor. Hold i thank you forin holding this n hearing today to address the risks and benefits of Virtual Currency. Theri risks of Virtual Currency include Consumer Protection, Payment Systems, national ity, m security, Money Laundering, and other illicit activities. The potential benefits are also differ. Fits are speed and efficiency, lower transaction costs, and providin an outlet for the unbanked and underbanked. With these evolving Payment Technologies states are exploring the connection between existing money transmitter regulation and Virtual Currencies. State regulators have long supervised money transmitters to protect consumers and preserve National Security and lawnete enforcement interests. State regulators are talking with industry and other regulators about evolvin
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