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Federal Government Taking Steps to Regulate Bitcoin

Senators attending this week’s hearing entitled “Beyond Silk Road: Potential Risks, Threats and Promises of Virtual Currencies” being held by the Senate Homeland Security and Governmental Affairs Committee likely could have predicted what they were going to hear. The Securities and Exchange Commission (SEC) made the case that the increasingly popular cryptocurrency, the Bitcoin, was actually a security and should be regulated; the Department of Homeland Security (DHS) had already adopted an “aggressive posture” to address the “emerging threat and criminal exploitation of virtual currency systems”; and the Treasury Department had recently produced two rules on how exchanges should handle the Bitcoin.

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