Washington warns Bitcoin, Get a lobbyist and pay us (or else)

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A similar article to the below featured article appeared in Politico last year. It warned that Apple (newly the largest company in the world, with lots of cash) had better get a lobbying presence in Washington DC. If it didn’t Politico warned, there was just no telling what regulation might come down the line.

K Street wanted its piece of the Apple pie.

Now DC is coming after Bitcoin because it is growing exponentially and so the Washington establishment figures that there has got to be a way to extract some tribute from the operation. Also, Bitcoin is a direct challenge to the current banking system because it is completely separate from the Fed system. (And no one and nothing should be beyond the Fed.)  Add that Bitcoin is also anonymous and you have an irked Washington. Somehow anonymity has become something frowned on these days in this, “the land of the free.”

But all (most) will be forgiven if Washington gets its palms greased.

(From Politico)

Privacy rights are another key issue. Bitcoin is a pseudo-anonymous currency, in that while transactions are documented, they are not tethered to a person’s identity. When money is digitized, the government knows about every purchase. Hoskinson says there is talk among lawmakers of requiring identities to be attached to the transactions, and while neither the Bitcoin Foundation nor DATA has taken a stance on anonymity, Hoskinson says no one in the Bitcoin community wants people to be forced to tether their identity to their Bitcoin transactions.

So the Bitcoin community may be on its own when it comes to privacy.

“[Google and cellphone companies] would probably be big proponents of allowing the technology to exist but not necessarily the biggest proponents in the world about the privacy rights,” Hoskinson said.

Click here for the article.