Chin Comments on Bitcoin Regulations

Banking and finance partner Kenneth Chin was interviewed by NY1 as part of a series on bitcoin. Bitcoin, a virtual currency, has been the subject of increased scrutiny by law enforcement as it has become a popular tool for funding illegal activity. The New York State Department of Financial Services has been working on proposed regulations of bitcoin. Mr. Chin was quoted as saying that increased regulation, with the implied assurance of legal recourse and safety, could make it a more viable option for the average consumer. Mr. Chin also said that any regulations that would make it more difficult to finance illegal activities using bitcoin would likely force such users back to more traditional means of financing their activities.