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Congressional Research Service Quietly Revises Bitcoin Report

Published on July 25th, 2014 by CrimsonRoze
Last week, the Congressional Research Service updated their Bitcoin: Questions, Answers, and Analysis of Legal Issues document to reflect current events. The document serves as an introduction to Bitcoin and aims to inform members of Congress with sufficient detail to legislate the topic. This includes Bitcoin's technical design, benefits and drawbacks, market penetration and current usage, and current and future legal responses.

Considering the pace of development, particularly in the regulatory environment, over the last months, the CRS had plenty to report. However, their updates were minimal, completely omitting some of the heavier events and debates such as the Auction of the silk road BitcoinsPittsburgh planning to accept digital currencies, the document about Bitcoin regulation internationally, the current Discussions about NY regulation and current information about the Federal Reserves Bitcoin Policy.

In fact, the update seems to consist only of statistical updates about prices and market caps and other minor changes. For example, the list of active exchanges was updated and one sentence was added describing the Mt. Gox bankruptcy.

With truly big companies such as Dell starting to accept bitcoin and the large quantity of smaller companies forming around bitcoin, the economic activity related to Bitcoin is becoming substantial. However, the document lacks information on the number of jobs that will get affected by regulatory decisions.

Proper and good information is the basis of sound decisions. While this document is a decent primer to Bitcoin technology and the current tax and anti-money-laundering regulation, it contains a paucity of information regarding social and financial developments.

Brian Cohen will be receiving 10% of LTBcoin disbursements for this article for his research leading up to the finding of the updated article.

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