US senate bill S.1241 to criminalize concealed ownership of bitcoin

On November 28, 2017, the US Senate, Committee of the Judiciary held a hearing regarding bill S.1241: Modernizing AML Laws to Combat Money Laundering and Terrorist Financing. Despite little attention being given to digital currencies during the hearing, bill S.1241 itself would amend the definition of ‘financial institution’ in the United States Code to include […]

The rise of Bitcoin and the demise of central authority

In their article, ‘the rise of Bitcoin doesn’t mean the end of banks. Here’s why,’ Dirk Baur and Niels Van Quaquebeke argue that cryptocurrencies are not trustless systems but merely require the transfer of trust to a different system. They claim that “While we previously had to trust financial institutions to verify transactions, with the […]