Lawsky bitcoin price
Benjamin Lawsky, a prosecutor by pedigreelawsky bitcoin price sounds ambivalent. Other uncharacteristic responses from a regulator lawsky bitcoin price accused of grandstanding: To some extent, Lawsky may have been playing it close to the vest, as his hearings were billed as a fact-finding mission. But his reticence was striking coming from one of the country's most active and assertive regulators, who gained national prominence by going after large banks on money laundering and consumer protection issues and breaking ranks with federal counterparts.
Lawsky looked tired near the end lawsky bitcoin price the second day of hearings. The recent arrest on laundering charges by federal authorities of Charlie Shrem, former CEO of the digital currency dealer BitInstant, had also kept Bitcoin in the headlines all week. Clearly, Lawsky had a lot to process. But it was also obvious he'd been thinking quite a bit about how lawsky bitcoin price achieve his stated goal of preventing bad actors from exploiting virtual currencies while allowing innovative technologies and businesses to blossom.
At times, he appeared to relish playing the role of student rather than crusader. During the interview, Lawsky explained why he thinks Bitcoin's privacy features are "probably compatible" with strong anti-money-laundering controls; why online payday lenders' business model could not survive in a Bitcoin world; and how he views the irreversibility of payments lawsky bitcoin price this decentralized network. This first question is going to sound off topic but I assure you we're going to bring it back to the topic for today.
Separate from looking at the virtual lawsky bitcoin price space, you've been dealing with the online lender issue. You recently had the letter to Nacha where you wanted to address the issue of banks continuing to debit lawsky bitcoin price accounts for these online lenders even after the customers said "please stop.
From studying the virtual currency space and the Bitcoin space do you see anything that banks can learn from how Bitcoin operates that they could apply to the real lawsky bitcoin price to lawsky bitcoin price protect consumers? It's a great question that I might want to think more about before hazarding an answer.
We're studying Bitcoin, it is a very steep learning curve and I'd want to think carefully before I spoke about the technology or the advantages that could be potentially transposed. Nothing comes to mind, but I'm sure if we spent more time on that tricky question I could give you. You'd have to cut out a link in that chain. You're thinking it through more rigorously than I have. It was more the general concept of a payment that requires each and every time an affirmation by lawsky bitcoin price customer, as opposed to the customer giving out the equivalent of a private keywhich Jeremy Allaire [CEO of startup Circle Internet Financial, a hearing panelist] argued was [what consumers do now when they give lawsky bitcoin price their credit card or bank account numbers].
I think it would be potentially extraordinarily disruptive to the payday lending industry. One could argue whether you want to be that disruptive.
And you're saying, set up a system where they would have to authorize each of those payments. That would totally turn on its head their business model. Because think about it: They wouldn't want to make a loan lawsky bitcoin price someone knowing that to get paid back on their lawsky bitcoin price now they've got to keep coming to you to ask for authorization to take that money. When you have something like the blockchainthis public ledger of every Bitcoin transaction, what are your thoughts on how far the responsibility extends for the financial institutions on the edges of that ecosystem to track what happens once someone goes in?
In other words, if someone buys bitcoin from an exchanger, is it the responsibility of the lawsky bitcoin price, or the exchanger's bank, to then monitor. At the point of exchange. The testimony we're hearing is primarily saying, "focus at the point of exchange. And once they're in all Bitcoin, there's nothing really to worry about, there's no threat to the system at all, until they go back to another point of exchange to come back out.
Now, who you should give the responsibility to of following what they do lawsky bitcoin price the Bitcoin world? Very difficult technological question. I don't know enough to lawsky bitcoin price, whether, for example, at the point of exchange, you could tell the exchanger, "you must also be responsible for where they go and what they do with their bitcoins. I'm just not smart enough to know if lawsky bitcoin price can monitor the ledger at any time.
But I don't know the answer. In light of the Snowden revelations last year, and the debate we're having lawsky bitcoin price online privacy as a nation, lawsky bitcoin price there going to be any room for anonymous financial transactions on the Internet?
I thought you were going to ask, is there a concern that the government's going to have a back door into whatever system that ultimately does come out of this, and you have Big Brother watching over every little thing.
And I don't know the answer to that so I'm glad you didn't ask it! Is there room for anonymous transactions? I think I'll throw the question back to you. In other words, if we all agree, and I don't think anyone disagrees, at least not around here, that it's important to make sure we're doing everything lawsky bitcoin price can to have protections in place to prevent money laundering and all that comes with it, the question becomes, can you have that kind of system and also maintain some form of anonymity when you do these transactions to protect people's personal privacy?
And so for all intents and purposes the consumer experience may feel, if we design it right, may feel anonymous. In other words, it would be nice if, when I go to Amazon and purchase whatever, I don't get 19 emails within five minutes that clearly prove to me that everything I lawsky bitcoin price in terms of online purchases is being not only monitored closely but then the information is being sold to lots of other people online. It's just the heart of know-your-customer.
What are your thoughts on the concept of taint analysis [i. One of the questions I've wanted to ask in one of the panels and we may get to it today. I don't have an answer. The fact that Bitcoin payments are irreversiblehow does that sit with you? It has pluses and minuses. In a way it relates to the protection of people's data and I think people really like that part of it.
But it can also be disruptive too. Certainly, on our lists of pros and cons I think [the inability to do] chargebacks can end up on both sides of the ledger. It depends who you ask in the chain. Do you have any thoughts about the concept of a national platform shared among the states for licensing?
Not at the moment. We have to think that through. I think coordination between the states is great. It depends on how that platform is run and whether it's effective and has enough guardrails on it. It's not out of the question. I think we're a ways away from making those decisions. Video Making smarter small business lending decisions Learn about the new datasets and capture methods we are exploring to enhance the predictive scoring of small business.
Partner Insights Sponsor Content From: Small business lending July 1. Comment Start the Conversation, Login. More from American Banker. Who stood out, who stumbled. Bank reputations fall for first lawsky bitcoin price in five years: Chaos atop CFPB could get worse after appeals court ruling.
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Benjamin Lawsky, a prosecutor by pedigreerarely sounds ambivalent. Other uncharacteristic responses from a regulator sometimes accused of grandstanding: To some extent, Lawsky may have been playing it close to the vest, as his hearings were billed as a fact-finding mission. But his reticence was striking coming from one of the country's most active and assertive regulators, who gained national prominence by going after large banks on money laundering and consumer protection issues and breaking ranks with federal counterparts.
Lawsky looked tired near the end of the second day of hearings. The recent arrest on laundering charges by federal authorities of Charlie Shrem, former CEO of the digital currency dealer BitInstant, had also kept Lawsky bitcoin price in the headlines all lawsky bitcoin price.
Clearly, Lawsky had a lot to process. But it was also obvious he'd been thinking quite a bit about how to achieve his stated goal of preventing bad actors from exploiting virtual currencies while allowing innovative technologies and businesses to blossom.
At times, he appeared to relish playing the role of student rather than crusader. During the interview, Lawsky explained why he thinks Bitcoin's privacy features are "probably compatible" with strong anti-money-laundering controls; why online payday lenders' business model could not survive in lawsky bitcoin price Bitcoin world; and how he views the irreversibility of payments in this decentralized network.
This first question is going to sound off topic but I assure you we're going to bring it back lawsky bitcoin price the topic for today. Separate from looking at the virtual currency space, you've been lawsky bitcoin price with the online lender issue. You recently had the letter to Nacha where you wanted to address the issue of banks continuing to debit customer accounts for these online lenders even after the customers said "please stop.
From studying the virtual currency space and the Bitcoin space do lawsky bitcoin price see anything that banks can learn from how Bitcoin operates that they could apply to the real world to better protect consumers? It's a great question that I might want to think more about before hazarding an answer.
We're studying Bitcoin, it is a very steep learning curve and I'd want to lawsky bitcoin price carefully before I spoke about the technology or the lawsky bitcoin price that could be lawsky bitcoin price transposed.
Nothing comes to mind, but I'm sure if we spent more time on that tricky question I could give you. You'd have to lawsky bitcoin price out a link in that chain. You're thinking it through more rigorously than I have. It was more the general concept of a payment that requires each and every time an affirmation by the customer, as opposed to the customer giving out the equivalent of a private keywhich Jeremy Allaire [CEO of startup Circle Internet Financial, a hearing panelist] argued was [what consumers do now when they give out their credit card or bank account numbers].
I think it would be potentially extraordinarily disruptive to the payday lending industry. One could argue whether you want to be that disruptive. And you're saying, set up a system where they would have to authorize each of those payments. That lawsky bitcoin price totally turn on its head their business model.
Because think about it: They wouldn't want to make a loan to someone knowing that to get paid back on their loan now they've got to keep coming to you to ask for authorization to take that money. When you have something like the blockchainthis public ledger of every Bitcoin transaction, what are your thoughts on how far the responsibility extends for the financial institutions on the edges lawsky bitcoin price that ecosystem to track what happens once someone goes in?
In other words, if someone buys bitcoin from an exchanger, is it the responsibility of the exchanger, or the exchanger's bank, to then monitor.
At the point of exchange. The testimony we're hearing is primarily saying, "focus at the point of exchange. And once they're in all Bitcoin, there's nothing really to worry about, there's no threat to the system at all, until they go back to another point of exchange to come back out.
Now, who you should lawsky bitcoin price the responsibility to of following what they do in the Bitcoin world? Very difficult technological question. I don't know enough to know, whether, for example, at the point of exchange, you could tell the exchanger, lawsky bitcoin price must also be responsible for where they go and what they do with their bitcoins.
I'm just not smart enough to know if anyone can monitor the ledger at any time. But I don't know the answer. In light of the Snowden revelations last year, lawsky bitcoin price the debate we're having about online privacy as a nation, is there going to be any room for anonymous financial transactions on the Internet? I thought you were going to ask, is there a concern that the government's going to have a back door into whatever system that ultimately does come out lawsky bitcoin price this, and you have Big Brother watching over every little thing.
And I don't know the answer to that so I'm glad you didn't ask it! Is there room for anonymous transactions?
I think I'll throw the question back to you. In other words, if we all lawsky bitcoin price, and I don't think anyone disagrees, at least not around here, that it's important to make sure we're doing everything we can to have protections in place to prevent money laundering and all that comes with it, the question becomes, can you have that kind of system and also maintain some form of anonymity when you do these transactions lawsky bitcoin price protect people's personal privacy?
And so for all intents and purposes the consumer experience may feel, if we lawsky bitcoin price it right, may feel anonymous. In other words, it would be nice if, when I go to Amazon and purchase whatever, I don't get 19 emails within five minutes that lawsky bitcoin price prove to me that everything I do in terms of online purchases is being not only monitored closely but then the information is being sold to lots of other people online. It's just the heart of know-your-customer.
What are your thoughts on the concept of taint analysis [i. One lawsky bitcoin price the questions I've wanted to ask in one of the panels and we may get to it today. I don't have an answer. The fact that Bitcoin payments are lawsky bitcoin pricehow does that sit with you? It has pluses and minuses. In a way it relates to the protection of people's data and I think people really like that part of it. But it can also be disruptive lawsky bitcoin price. Certainly, on our lists of pros and cons I think [the inability to do] chargebacks can end up on both sides of the ledger.
It depends who you ask in the chain. Do you have any thoughts about the concept lawsky bitcoin price a national platform shared among the states for licensing?
Not at the moment. We have to think that through. I think coordination between the states is great. It depends on how that platform is run and whether it's effective and has enough guardrails on it. It's not out of the question. I think we're lawsky bitcoin price ways away from making those decisions. Partner Insights Sponsor Content From: Comment Start the Conversation, Login.
Like what you see? Make sure you're getting it all Independent and authoritative analysis and perspective for the banking industry.
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