Bitcoin Buzz: Former SEC Chairman in, Executive Director out

Bitcoin Buzz: Former SEC Chairman in, Executive Director out

On the heels of our latest white paper on Bitcoin and recent ACC NOLA presentation on Bitcoin and more, we have the latest Bitcoin buzz to share. Former SEC Chairman Arthur Levitt Jr. will serve as an adviser to BitPay, and Bitcoin Foundation’s Executive Director, Jon Matonis, has resigned.

According to a recent New York Times article, Levitt ran the Securities and Exchange Commission from 1993-2001 and is arguably the most prominent among several experts to have joined Bitcoin companies. Per his interview with the newspaper:

“The brainpower behind Bitcoin technology and cryptocurrency is so deep and so challenging that I was attracted to it. The fact that so few people in America understand what Bitcoin is made me interested in the possibility of helping define it.”

Also per the interview, he intends to help build the cryptocurrency and encourage transparency with regulators. Having such an in-house expert as Leavitt helps Bitcoin companies work closely with government officials in crafting rules that will foster the continued rise of Bitcoin. While some feel that such regulations could slow Bitcoin’s momentum, others acknowledge that these very regulations could discourage questionable Bitcoin businesses and increase consumer confidence.

As Leavitt arrives, Bitcoin Foundation’s executive director, Jon Matonis, will soon be departing the organization he helped found. According to another Times article, the foundation was established in 2012 and has advocated for the cryptocurrency at many governmental hearings. The foundation board has encountered its fare share of negative press: from Charles Shrem’s arrest for his involvement with Silk Road and subsequent resignation from the board and Mark Karpeles’ own resignation before Mt. Gox’s collapse to a number of other foundation members cancelling their memberships, in part, due to leadership issues.

As Bitcoin continues to find its way, explore the pros, cons and — most important — recommendations for counsel by downloading our white paper.

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