Bitcoin’s Washington Problem
(Politico) On paper, the popular virtual currency Bitcoin is the type of entity that traditionally would hire a powerful K Street lobbying firm to protect its interests in Washington, especially in the cutthroat world of financial regulations. But Bitcoin doesn’t exist on paper.
With no public founder or organization behind it, Bitcoin isn’t in a strong position to defend itself from government scrutiny or lobby Congress on critical issues including privacy. As a fully decentralized network, the closest thing Bitcoin has to formal representatives are exchanges that facilitate the buying and selling of Bitcoins against other currency, and trade associations that represent them. Those groups are just learning the ropes.
“For most of us, the concept of lobbying and the Washington machine is a little bit daunting,” said Stan Stalnaker, founding member of the Digital Asset Transfer Authority, or DATA, a new trade association of digital currencies and the businesses interested in them.