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Bitcoin News

A roundup of the top Bitcoin news from August 12 to August 18:

Tuesday, August 13

• 22 Bitcoin Companies Issued Subpoena by New York Department of Financial Services

Wednesday, August 14

• After New York Inquiry, Senate Jumps on Bitcoin Bandwagon

Thursday, August 15

• Google’s Android Security Team Addresses Bitcoin Vulnerability

Friday, August 16

• Analyst Dick Bove Says Buy Bitcoin at $50, Today’s Price above $100

Saturday, August 17

• Top 10 Countdown: Most Popular Bitcoin Stories in July 2013

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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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22 Companies Called to New York to Answer Questions about Bitcoin

The New York State Department of Financial Services has subpoenaed 22 companies in an effort to better understand the uses and implications of alternative currency Bitcoin.

“If virtual currencies remain a virtual Wild West for narcotraffickers and other criminals, that would not only threaten our country’s national security, but also the very existence of the virtual currency industry as a legitimate business enterprise,” said Benjamin M. Lawsky, Superintendent of Financial Services, in a release. “We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry.”

Forbes published a list of 22 companies that were subpoenaed due to their involvement in Bitcoin.

• BitInstant
• BitPay
• Coinabul
• Coinbase Inc.
• CoinLab
• Coinsetter
• Dwolla
• eCoin Cashier
• Payward, Inc.
• TrustCash Holdings Inc.
• ZipZap
• Butterfly Labs
• Andreesen Horowitz
• Bitcoin Opportunity Fund
• Boost VC Bitcoin Fund
• Founders Fund
• Google Ventures
• Lightspeed Venture Partners
• Tribeca Venture Partners
• Tropos Funds
• Union Square Ventures
• Winklevoss Capital Management

Below is the full release providing context on the subpoena.

CC image by wallyg

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