Bart Chilton: Obama needs to make a move on bitcoin now

There is a huge opportunity that can be tapped into if U.S. government officials and industry thought-leaders establish an appropriate balance between basic consumer protection regulation and an openness which not only permits, but fosters and promotes, innovation. We did it with the internet — and we need to do it now with virtual currencies like bitcoin.

Commentary by Bart Chilton, former commissioner on the Commodity Futures Trading Commission. He is currently a senior policy advisor at the global law firm DLA Piper. He is also the author of “Ponzimonium: How Scam Artists Are Ripping Off America.”

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Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.