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First New York Inquiry, then Washington

In the same week that the New York State Department of Financial Services subpoenaed 22 companies in an effort to better understand the uses and implications of alternative currency Bitcoin, the Senate is launching its own inquiries.

As the New York Times reported,

The Senate’s committee on homeland security sent a letter this week to the major financial regulators and law enforcement agencies asking about the “threats and risks related to virtual currency.” These currencies, whose popularity has grown in recent years, are often used in online transactions that are not monitored by traditional financial institutions.

“This is something that is clearly not going away, and it demands a whole government response,” said a person involved in the Senate committee’s investigation, who spoke on the condition of anonymity because the inquiry is continuing.

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