Arthur Levitt, former chairman of the US Securities and Exchange Commission (SEC), was announced this Tuesday (28th) as the new advisor for two United States-based Bitcoin companies, BitPay and Vaurum.
“Bitcoin is a fascinating new product in the rapidly changing world of financial service“, says Levitt, who is now working with BitPay, the world’s biggest Bitcoin payments processor, and Vaurum, an institutional cryptocurrency exchange that provides an escrow service.
The expert will monitor the companies’ business practices and develop new ways to market Bitcoin, according to a press release. The main focus of Levitt’s work will be regulatory compliance and the health of the relationship between the crypto-companies and the banking industry.
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 was the longest-serving chairman in the history of the SEC. “Arthur’s experience and reputation are incredible assets to a rapidly innovative company like BitPay, and with his advice we hope to better navigate the financial industry and build a successful business“, said Tony Gallippi, BitPay co-founder and executive chairman.
“Bitcoin is a technology innovation that offers capabilities and speeds of payments that have never been possible before”, the entrepreneur added.
Vaurum’s CEO agrees. “Blockchain technology is poised to transform the financial services world, but will continue to remain an intellectual curiosity until it has a compelling everyday use case. Arthur Levitt brings additional validation to the space, and we’re pleased to work with him on our financial controls, banking relationships and regulatory compliance“, confirmed Avish Bhama.