Regulatory Hearings on Bitcoin Begin in NYC

From the NYT:

A hearing on the regulatory future of Bitcoin on Tuesday turned into a forum on the shortcomings of the traditional banking industry.  The hearing, called by New York State’s top financial regulator, Benjamin M. Lawsky, gave five Bitcoin advocates the chance to enumerate what they view as the advantages Bitcoin could provide over current systems of moving money around the world. 

“Solutions don’t really come from the current industry,” said Cameron Winklevoss, who, with his twin brother, Tyler, has invested in Bitcoin companies. They were early players in Facebook.  Even Mr. Lawsky got in some digs when he complained that it takes three days for his bank to transfer money to pay a credit card bill at the same bank.

When Mr. Lawsky asked about efforts by banks to create their own Bitcoin alternatives, Fred Wilson, a leading venture capitalist at Union Square Ventures, said “no one is going to build on top of JPMorgan Chase’s Bitcoin.”