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Im pleased to cochair this hearing on the present and future impact of Virtual Currency. My friend senator merkel and i appreciate the work senator heller has done and senator kirk will be joining us as well. Were going to do this a little different because its a joint subcommittee hearing i will chair the first panel and the senator will chair the second. The uses of Virtual Currencies have proliferated in recent years. My hope for this hearing is to educate the Senate Members and others and start the education of the public about Virtual Currencies, including the potential and drawbacks. I a...

This case, because to me, the anonymity that is associated with users and their wallets would suggest, i really dont need to try to cover who owns the money. Se, thank you. Im out of time. So were going to pass this on to our ranking member. Thank you. We id love to be at your home as e youre explaining to your wife how your Virtual Company gave you a virtual paycheck, using virtual money, but that being ry the case, i assume your business wants more consumers than investors. We are just a merchandise acquirer. We only facilitate payments for the merchants. Were strictly focusing on business a...

Opportunity. I think theres a lot to what you say, senator, that if we regulate, we do legitimize. Some of todays witnesses have talked about trust and trust is a very important factor particularly with Financial Products and services. So there is that risk. There is a bone in my body that says, i think thats a risk worth taking. And i think its particularly worth taking as we think of these Virtual Currencies as having functions that are a lot like credit cards or debit cards in this respects. Wouldnt you agree that right now, without any form of intervention, without legitimizing it, every b...

The speaker the house will be in order. Prayer will be offered today by our guest chaplain, reverend john adams, First Baptist church, mississippi. The chaplain may we pray. Our father, we bow before your majestic throne today, we acknowledge that youre in heaven and we are on your good earth. Our prayers are given for each one in this chamber that your love and wisdom be in each life. Today we pray for our speaker and each legislator that your hands will guide their hands. Father, i know today that the best thing i can do for these men and women is to pray for them. Give them courage to make ...

And then the company suck. Com ad gets founded and somebody sets up a fake Facebook Page and pretends to be that company and that Company Loses significant reputation when they choose to stick their head in the sand ann not engage and not Pay Attention to whats happening. Th so my concern, with not getting into regulating this area and being interested in what happens here, is that it will be it could eventually affect our Financial Systems reputation. U. And i understand that. My point is frequently in thesen situations, we think about how t were going to fix it, or facilitate it when we mayb...