Im pleased to cochair this hearing on the present and future impact of Virtual Currency. My friend senator merkel and i appreciate the work senator heller has done and senator kirk will be joining us as well. Were going to do this a little different because its a joint subcommittee hearing i will chair the first panel and the senator will chair the second. The uses of Virtual Currencies have proliferated in recent years. My hope for this hearing is to educate the Senate Members and others and start the education of the public about Virtual Currencies, including the potential and drawbacks. I also hope to explore how regulators are keeping up with this technological innovation to protect consumers. Ive got a full statement here but i actually have to acknowledge that ive been following this development of bit coins for the last two months. I would think im only starting to wrap my head around the potential upside, downside, regulatory issues, Monetary Policy issues, taxation issues, Con
And she would come in toting a straw bag in each hand filled with some of these things you see on her desk that she had taken home for signing or speech writing or Event Planning or whatever she was working on. Shed come in. Her desk was always very orderly. And as she worked on her desk with letters she was processing or things, when she completed things shed put them on the floor. She loved this office because she could look out at her alma mater and then a corridor through to the capital in the city she loved so much. We had three office staff at the time. We had a person who handled her calendar. We had a person who came from the white house as her press secretary who helped her work on speeches. And then i was in the office. By friday afternoon she was ready to leave and go to the ranch, which she really called home. And about 3 30 in the afternoon she would say do i have anything else to do . And if the answer was no she would say tell the secret service im ready to go. Watch our
And how do we know it will last. Well, we need to tell the tore to the first question. Here is a lot of what we accomplished to compare where afghanistan was in 2001 with where they are today. And then to take it to the next level by, as laura said, talking about why this is still important for the United States. So im hoping that in the next year, because this upcoming year is the critical year, we will have a much greater awareness and a better connection among people who know whats at stake in afghanistan from either a moral perspective, a human rights strategic, strategic, economic, political, whichever way you enter into it, every one of those is at stake and to think of ways we could be creative to support the women and men who are trying to move afghanistan forward. We will certainly, the three of us, be deeply involved in making that case. But we need a virtual army now that the real army is leaving, we need a virtual army to help us make the case and to build that awareness he
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