Banking Committee Discusses Money Laundering 101 (No Bitcoin Necessary)
The recent wild fluctuations in the value of cryptocurrencies has the Senate Banking Committee probing potential consequences. The panel is scheduled to hold a hearing on virtual currencies early next month, committee leaders announced last week. And at a Wednesday hearing on the Bank Secrecy Act, some members voiced concerns about the use of cryptocurrencies in money laundering. Bitcoin, the most prominent of virtual currencies, saw its value explode 800 percent in the second half of last year. Roughly half of the spike occurred in…