“Pages and pages of explanations and definitions mark the testimony. What are bitcoins? How are they made? How do they differ from centralized virtual currencies? It is clear Washington has a ways to go in understanding, let alone regulating, cryptocurrencies. The hearing is a first step in what will likely be a long process toward any kind of lawmaking. ‘Honestly, the environment seems to be a game of hot potato where no politician wants to be caught being pro or anti bitcoin,’ says Charles Hoskinson, director of the Bitcoin Education Project. ‘Once the market cap gets to around $10 billion or so [it’s currently just over $2 billion], then expect real hearings and a lot of lobbying.'”

http://swampland.time.com/2013/11/17/bitcoin-comes-to-washington-mondays-hearing-is-just-the-beginning/

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