On Monday, the Senate Committee On Homeland Security and Governmental Affairs held the first of two days of hearings on Bitcoin and digital currencies — Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies. During the “surprisingly friendly” hearings, the price of bitcoin soared as regulators, officials, and academics offered cautious, but positive views on the prospect of bitcoin within the greater economy and the future challenges for law enforcement regarding digital currency.
I recently gave a presentation on bitcoins, entitled Bitcoin — Legal and Business Issues Surrounding the Digital Currency. Among other things, I discussed: bitcoins generally, the emerging bitcoin marketplace, the legal issues and data security concerns surrounding bitcoin, as well as practical business advice (including the risks and benefits) for merchants and e-retailers that are considering accepting bitcoin.
Stay tuned for further developments!