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Tuesday, July 29, 2014

11:30 a.m. - 12:15 p.m.

REGULATION OF BITCOIN

Panelists: Constance Choi, Principal - Seven Advisory, DIGITAL ASSET TRANSFER AUTHORITY (DATA)
David Cotney, Commissioner of Banks, Massachusetts Division of Banks; Chairman of the CSBS Emerging Payments Task Force, CONFERENCE OF STATE BANK SUPERVISORS
Mary Dent, Co-Founder, DCIQ
Juan Llanos, EVP, Strategic Partnerships and Chief Transparency Officer, BITRESERVE.ORG

Bitcoin is often said to be unregulated, but the government has made clear that exchangers of digital currency are subject to know-your-customer and anti-money laundering rules. Banks that want to serve these startups must get comfortable with the regulatory and reputational risks not to mention uncertainty about the rules as policymakers grapple with a technology that does not neatly fit into preexisting boxes. Meanwhile, the disappearance of customer funds at Mt. Gox, along with innovations like multisignature transactions and cryptographic proof-of-reserves, raise fascinating questions about whether consumer protection in this space will be best accomplished by regulation or by math.

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