Subpoenaed CEO maintains his confidence in Bitcoin

Coinsetter CEO suggests that there is no reason for concern following subpoenas issued last week.

On the 12^th of this month, Payment Magnates reported that Subpoenas were issued by New York Department of Financial Services to companies involved in Bitcoin. The news had just broken regarding an investigation into 22 companies including Coinsetter, Coinbase Inc and BitInstant. Authorities motivated the decision as a mere inquiry into businesses using Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, in response to concerns of money-laundering and other mal-use of the digital currency - and others like it - with a view for greater Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.

In response to the events of last week, Jaron Lukasiewicz, co-founder and CEO of Coinsetter, has indicated that he is not too bothered and is quoted by Michael del Castillo, Upstart Editor, saying: “In the future, most people will use Bitcoin without even knowing it. Bank transfers will take place over the Bitcoin network, making transfers quick and inexpensive for both banks and consumers.”

If Lukasiewicz speaks for other representatives in the Bitcoin business, then we might conclude that they acknowledge regulation as having a place within its future. We could also conclude that the currencies (specifically Bitcoin) speak for themselves and that regulatory threats have little power over the potency and wide-spread adoption of Crypto-currency as an alternative payment method.