Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency.
‘‘Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee.
The hearings will bolster the view that Bitcoins are an acceptable alternate means of conducting transactions, and that their use will grow, said Brito.
“These hearings means Bitcoin is finally coming into its own; it’s a real thing and it’s not going anywhere and these hearings highlight that,” he said.