Information Technology Reference
In-Depth Information
table 10.7
Government Agencies involved
Agency
Unit
Task
Treasury
Financial Crimes
Enforcement
Network
The agency has registered as a
money-transmission business since
issuance of guidelines in March that
encouraged them to do so.
Secret Service
U.S. Secret Service, which
investigates counterfeit currencies,
needs to ensure that companies
dealing in bitcoin comply with
existing regulations on money
laundering and other matters.
Federal Trade
Commission
Consumer Financial
Protection Bureau
The agency has held meetings to
study the issue.
Securities and
Exchange
Commission
The agency is still evaluating whether
bitcoin falls under their jurisdiction.
Federal
Reserve
The Fed has no authority to regulate
the virtual currency as long as it
“doesn't touch” banks that the Fed
oversees.
Source:
Various
The Wall Street Journal
such as Tracy, R. (2013, November 19).
The
Wall Street Journal
. pp. C1-C2; Tracy, R., & Armour, S. (2014, March 3).
The
Wall Street Journal
. pp. C1-C2; Warnock, E., & Mochizuki, T. (2014, February
25).
The Wall Street Journal
. p. C3; Yadron, D., & Barrett, D. (2013, October
23).
The Wall Street Journal
. p. A3;
Economist,
and
Newsweek
articles.
central bank or government backs the currency, there is no assurance that deposi-
tors who use bitcoin exchanges or electronic wallets will get their funds back should
something happen to the currency (Tracy & Armour, 2014).
The Consumer Financial Protection Bureau and the Federal Trade Commission
have held meetings to study the issue. Market regulators, including the Securities
and Exchange Commission, are still evaluating whether bitcoin falls under their
jurisdiction. Agencies that oversee banks and payment systems are monitoring bit-
coin, but Federal Reserve Chairwoman Janet Yellen has already indicated that the
Fed has no authority to regulate the virtual currency as long as it “doesn't touch”
the banks that the Fed oversees (Sidel, Warnock, & Mochizuki, 2014).
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