A report by Politico has said that regulators of the digital currency industry are not that affected with the unmasking of "Satoshi Nakamoto," the programmer who allegedly created the software that is Bitcoin.
In a story done by Newsweek this week, the revelation that a retired 64 year-old Temple City, California native is the father of Bitcoin immediately became front-page news in other media reports. However, Politico said another "Nakamoto" rejected Newsweek's report and said to The Associated Press that the magazine went after the wrong man. Newsweek reportedly stood by its story.
Meanwhile, enthusiasts and regulatory consultants reminded everyone on Friday that the purported coming-out of the Bitcoin founder does little to emphasize the need to oversee and police virtual currency markets.
US Commodity Futures Trading Commission Commissioner Bart Chilton said, "The ultimate creator of Bitcoin is probably more valuable as an answer to a Trivial Pursuit question than from a regulatory perspective."
Politico said that the use of Bitcoin as a mainstream product has prompted several authorities to consider regulating the virtual currency. Advocates of the virtual currency claimed that its growing popularity has surged because it is an alternative to a payment system that is competitive as it is more cheaper and efficient as oppose to payment services of banks.
The Senate Homeland Security and Governmental Affairs Committee under Chairman Tom Carper, which led the corralling of law enforcement and government agencies on attempts to police Bitcoin, is set to release a report regarding the response of the federal government in late spring. A committee aide said, "We're focused on collecting information and making sure the government provides clear, consistent, and timely guidelines so that those interested in using digital currencies for legitimate commerce can continue to explore the opportunities this technology offers while also adhering to the law, and not as focused on its origins.
