murck is founder of engaged legal. his expertise extends across the legal and regulatory issues governing the use of bitcoin for economies and alternative payment systems. previously mr. murck worked in a business and legal affairs at the tech company as an attorney at the dc-based law firm and also is an international investigative journalist. our third witness is jeremy allaire. is it allaire? mr. allaire is the founder and ceo of circle internet to start a company focused on promoting mainstream adoption of currencies. serial interconnect entrepreneur mr. allaire serves as founder and ceo of. c-span: one of the largest on line video platforms in the united states. our final witness is jerry brito. mr. brito is a senior research fellow at the mercatus center at the george mason university and director of the technology policy program. mr. brito also serves as an adjunct professor of law at george mason university. his research focuses on technology, copyright and the regulatory process. good afternoon to each of you.

murck. welcome. >> good afternoon. chairman carper. i am pleased to have the opportunity to speak with you today. my name is patrick murck. i am general counsel for the bitcoin foundation. i've been in regional development for many digital companies. the bitcoin foundation is a member driven nonprofit global constituency of business and individuals contribute together over all bitcoin ecosystem. it is compromised of many to make bitcoin a success. the foundation's business is to promote, protect and standardize decentralized currencies and free people to transact on their own terms in the global economy. having said that, there is no bitcoin company that manages or controls the software or its operation. the software is built and maintain bade community of volunteers software engineers. at its most basic level, bitcoin is an internet protocol. like e-mail for money. the bitcoin protocol has a value with open and transparent payment network. it is secure, efficient and low-cost. the bitcoin network can operate without any third party ar

murck. welcome. >> good afternoon. chairman carper. i am pleased to have the opportunity to speak with you today. my name is patrick murck. i am general counsel for the bitcoin foundation. i've been in regional development for many digital companies. the bitcoin foundation is a member driven nonprofit global constituency of business and individuals contribute together over all bitcoin ecosystem. it is compromised of many to make bitcoin a success. the foundation's business is to promote, protect and standardize decentralized currencies and free people to transact on their own terms in the global economy. having said that, there is no bitcoin company that manages or controls the software or its operation. the software is built and maintain bade community of volunteers software engineers. at its most basic level, bitcoin is an internet protocol. like e-mail for money. the bitcoin protocol has a value with open and transparent payment network. it is secure, efficient and low-cost. the bitcoin network can operate without any third party ar

murck would. what you see as excessive, agreement, where do you see a lack of back, and had we go about reconciling that lack of consensus? partwill take the second first. i do not know that we've heard a lot of disagreement or anything that we would generally disagree with from this panel or even really from the first panel. i was heartened by that. correct,hat ernie is that as we move forward, i think an open dialogue is good so that as disagreements to crop up, and they likely will, we can address them quickly and in a safe and sane way. as to where we have agreement, i think what i heard from the other panelists is there is a real need to create on rants into the traditional financial system. that by creating those on rants, especially here in the u.s., you help to protect the system from abuse. the biggest obstacle for that happening today is not from regulation or from law enforcement -- it is from the ability of businesses in a space to get bank accounts and to be integrated into the bankin

our next witness is patrick murck, general counsel for bitcoin foundation. bitcoin foundation works to standardize, to protect and promote bitcoin. mr. murck is also the principal and founder of engaged legal, his expertise extends across illegal and predatory issues governing the use of bitcoin, virtual economies and alternative and systems. previous mr. murck worked in a business and legal affairs at a tech company, big star, as an attorney at dc-based law firm, and also as an international investigator journalist. our third witness is jeremy allaire. mr. allaire is the founder and ceo of circle internet financial, a startup company focused on promoting mainstream adoption of virtual currencies. internet occupant. mr. allaire also serves as founder and ceo of bread company, the largest online video platforms in the united states. our final witness is mr. jerry brito. mr. brito is a senior research fellow at the mercatus center at the george mason university come and director of the technology, policy program. mr. brito also serves as an adjunct professor o

murck. >> i'll field that one for everybody. so toshi nakamoto is the creator for they who develop the bit coin protocol into the world in addition to the code base, that was open sourced to the entire community. this person or group of people has since left the scene, at least if not more than half of the code base from the original code has already been rewritten. while i think everybody is grateful for that incredible contribution at this moment in time, who sitoshi is is a story of bit coin going-forward. that was intentional and possibly why a pseudonym was chosen in the first place. >> i want to address, it is a little strange that bit coin, we don't know who the creator is, and so that often conjures up the idea that there's a risk that we have not seen -- >> you don't think it was al gore, do you? >> you know, he's never denied it. >> but i think the key thing to emphasize is open source. open and audible and available for anybody to look at. mr. murck said, more than half of the code base has been written by others. i'm

murck. >> i'll field that one for everybody. so toshi nakamoto is the creator for they who develop the bit coin protocol into the world in addition to the code base, that was open sourced to the entire community. this person or group of people has since left the scene, at least if not more than half of the code base from the original code has already been rewritten. while i think everybody is grateful for that incredible contribution at this moment in time, who sitoshi is is a story of bit coin going-forward. that was intentional and possibly why a pseudonym was chosen in the first place. >> i want to address, it is a little strange that bit coin, we don't know who the creator is, and so that often conjures up the idea that there's a risk that we have not seen -- >> you don't think it was al gore, do you? >> you know, he's never denied it. >> but i think the key thing to emphasize is open source. open and audible and available for anybody to look at. mr. murck said, more than half of the code base has been written by others. i'm