Arthur Levitt Jr has become an advisor for both payment processor BitPay and Bitcoin exchange Vaurum.
Levitt’s involvement with these companies is significant, since he is the former chairman of the Securities and Exchange Commission, a US regulatory body whose mandate is to proposing and enforcing rules around the securities, stock, and options industries.
As former SEC chairman, Levitt is naturally more inclined toward regulation. This may mark a move toward a more regulatory-compliant atmosphere at BitPay, which may disturb some of the more libertarian-minded elements of the Bitcoin community.
“The founders of these companies tend to be entrepreneurial, irreverent, and probably feel that regulation should be avoided at all costs,” Levitt said in an interview. “I understand where they’re coming from, but I also believe that regulations really will do more to establish their credibility as an alternative. It’s got to be sensible, balanced regulation and it can’t be regulation that chokes them.”
Levitt served as SEC chairman from 1993-2001, making him the longest-serving person to fill that role.
Government Officials And Bitcoin
Former US Mint Director Edmund Moy has praised Bitcoin for its ability to bring “market solutions” to the table and get around a “govt-protected bank oligopoly”. He even delivered the keynote speech at last summer’s Cryptolina conference in Raleigh, North Carolina.
And former Federal Reserve chairman Ben Bernanke has had positive things to say about Bitcoin, saying it “may hold long-term promise, particularly if the innovations promote a faster, more secure and mroe efficient payment system.”
Former SEC Chairman Arthur Levitt Joins Advisory Board Of BitPay, Vaurum
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