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But back to -- Heavyweights like Berkshire Hathaway's Charlie Munger -- Microsoft chairman's Bill Gates have also been.
Interested in it but from very different perspectives here's what they told Liz about it yesterday.
I think it's throughout poisoned by regard as deeply flaky I think it's it technical sort of force.
But that's an area where governments are gonna maintain.
-- that that's what makes market and in that case now it's sad now about to grab the attention of the commodities in her has already grabbed the attention -- and -- exchange commission.
He's considering whether the cyber currency may filing in US regulators purview it unsecured joins us now with this angle.
And then to keep this simple there are two issues when you talk about regulating big going to keep in mind there's -- regulating big -- is just a simple currency if I wanna buy that transfer new.
Here's a big -- kind of thing don't want I don't -- dressing room.
But that's an example that's not what we're talking about yet because that is already regulated I'll tell -- in a minute why.
But then there's derivatives you know the stuff that helped lead us to the financial collapse in 2008.
Nobody is leveraging or selling derivatives based on -- point assets yet.
Two web sites are about to launch doing that -- point starter was here they were on the 3 PM hour with Cheryl Casone talking about this.
And then there's one online right now cracking dot com they're getting ready to do this -- the CFTC.
Is saying we want -- role in this in fact Bart Chilton was on -- Casone here's what he said about it.
They're not just trading there and that's why I think it makes sense for us to give this a really good look seek.
And and maybe get into dirt it into regulating it.
So -- these sites begin these exchanges begin to trade in the derivatives you commit the CFTC's Bart -- just said.
He's going to want to regulate now we spoke with the bitcoin operator is the co-founder as well as the CEO and vice president bitcoin foundation Charlie -- who told us.
-- calling spaces like the wild west it's up to you to be is come -- comply able as you can be he also went on to say that.
These regulations from the CFTC on the derivatives side.
This will separate the boys from the men and my competition.
We'll have to get their ducks in a row what he's talking about is the fact that back in March.
You're friendly US government through the US Treasury Department does the financial crime enforcement office been sent.
Issue directives that said yes we regulate -- essentially their money that transmitting services which means you have to register.
With the US treasury which is so what I mean Bernie Madoff -- registered with the CS EC and we know what kind of regulated.
Regulations did for people there but the other issue that this raises is now all of the bitcoin exchanges have to get licenses.
From the fifty states all of there whether it's their banking committees.
Or their financial services committees to be money transmitters so the regulation has already begun ready get your money back is another issue.
When he exchanges already went belly up 300000 dollars as saying.
Go a lot of people very angry about it I don't even us we can't quite -- military has -- between big brains like Charlie Munger and Bill Gates like but even treasury I asked okay these people who lost their money in the exchange which closed.
Who's in charge US treasury doesn't know Adam Shapiro thank you very much good stuff and --
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