U.S. Rep. Steve PearceU.S. CONGRESSIONAL News:
WASHINGTON, D.C. ― U.S. Rep. Steve Pearce led a House Financial Services Subcommittee Thursday on Terrorism and Illicit Finance hearing entitled “Virtual Currency: Financial Innovation and National Security Implications”.
“Innovation revolutionizes and simplifies our lives on a daily basis. In the last 30 years, we have seen the emergence of the internet as an open source and accessible tool. Part of this revolution has been the emergence of digital financial innovation from small business lending to virtual wallets,” Pearce said. “The benefits are clear – families in underserved areas are finding more choice and options than ever before. People can pay for their goods in-store without the need for cards or cash.
“The implication, of course, of this greater development and exploration into the digital age is the inability of government and regulatory bodies to keep up with the pace of advancement. Technology in the financial space is no exception. Today’s hearing served as one of many conversations I will lead on examining how virtual currencies can pose a risk to our national currencies and the measures we can take to keep our nation safe.”
Watch the hearing here.
