People on the Move: Arthur Levitt, BitPay and Vaurum
Bitcoin payment processor BitPay and Bitcoin exchange Vaurum announced that Arthur Levitt, former chairman of the U.S. Securities and Exchange Commission (SEC), will serve as adviser to both enterprises. Levitt, the longest-serving chairman of the SEC, will work closely with both companies to monitor business practices and to develop new ways to market and refine the digital currency. Bitcoin is a digital currency that recently entered the financial sector and has not yet been tied to clear regulations, according to the announcement. Digital currency does not have the same characteristics of traditional money, so regulators are seeking ways to set firm business practice standards without impeding innovation.