Former Chairman of the Securities and Commission (SEC) Arthur Levitt will be serving as advisor to BitPay and Vaurum, looking to enhance the companies in monitoring business practices. By extension, he hoping to make a positive impact on the Bitcoin industry. Said Levitt:
“Bitcoin is a fascinating new product in the rapidly changing world of financial service. I hope to help BitPay and Vaurum blend their new business models with core monetary methods and transparency practices in order to ensure their long term success.”
Levitt is the longest serving SEC Chairman, holding the position for 8 years (1993-2001). During his tenure, he was viewed as a pro-investor advocate and was represented favorably in the media. Earlier this year, he joined The Carlyle Group as senior advisor.
In a recent tweet, Levitt highlighted some of the best videos to get educated on Bitcoin.
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BitPay co-founder and Executive Chairman Tony Gallippi pointed out that Levitt’s experience will be a huge assets to BitPay and Bitcoin technology as a whole.
The “migration” of a prominent regulatory executive like Levitt to the Bitcoin industry may help bridge the gap between the two worlds. Despite spirited efforts, bitcoin-related financial instruments have made slow progress in their emergence.
Speaking to DC Magnates, Gallippi expanded:
“Bitcoin related property, smart property, smart contracts, crypto equities are all in the future of bitcoin and blockchain technology. For those bitcoin-related financial instruments that would fall under existing regulations, yes having a former regulator on our advisory board would be beneficial.”
Vaurum is a bitcoin exchange aiming to serve as a trusted counterparty to financial institutions and bitcoin businesses. It counts Battery Ventures, Tim Draper and Steve Case as key investors. CEO Avish Bhama said that the company is pleased to work with Levitt on their financial controls, banking relationships and regulatory compliance.