Chairman Carper’s Statement on Insolvency of Major Bitcoin Exchange

“U.S. policymakers and regulators can and should learn from this incident to protect consumers while also fostering law abiding commerce.”

WASHINGTON: Today, Homeland Security and Governmental Affairs Committee Chairman Tom Carper (D-Del.) release the following statement on the news of the collapse of Mt. Gox, a major Bitcoin exchange based in Japan:

“The disturbing news today from Japan is a reminder of the damage potentially ill equipped and unregulated financial actors can wreak on unsuspecting consumers.  U.S. policymakers and regulators can and should learn from this incident to protect consumers.  For months, our Committee has been calling on law enforcement, industry, and relevant regulators to come to the table and engage in meaningful dialogue to provide clear rules of the roads for entrepreneurs, investors, and consumers.  Without these rules, businesses can’t be successful and consumers can’t be protected. If today’s news is true, it is a sad violation of consumer trust, whether through malicious action or simple incompetence.  Regardless, it’s unacceptable. 

“My staff is working closely with relevant federal agencies to determine what lessons can be learned from this failure to help ensure this does not happen here in the United States.

“As any industry matures it will face growing pains and there will be individuals who believe they can use the fog of uncertainty to cover up their follies.  When it comes to policy, it is the responsibility of the federal government to steer the boat, not row the boat.  Our Committee will continue to work closely with relevant U.S. government entities to steer the boat away from nefarious actors - and it’s up to legitimate, law abiding industry partners to row the boat into law abiding waters.”