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Monday, September 22, 2014

3:00 p.m. - 3:45 p.m.

THE PROMISE AND PERILS OF DIGITAL CURRENCIES

Moderator: Marc Hochstein, Editor in Chief, AMERICAN BANKER
Christine Duhaime, Attorney, DUHAIME LAW
Juan C. Zarate, Senior Adviser, CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES (CSIS)
Rob Hunter, Executive Managing Director and Deputy General Counsel, THE CLEARING HOUSE
Jerry Brito, Adjunct Professor of Law, GEORGE MASON UNIVERSITY SCHOOL OF LAW

Bitcoin, the digital currency that has captured headlines and imaginations around the world in the last year, is often said to be unregulated. But regulators like New York State's Benjamin Lawsky and the Treasury Department's Financial Crimes Enforcement Network have 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.

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