Too many rules could ‘cripple’ virtual currency

In the first of two days of hearings held by New York’s top banking supervisor on the topic, prominent bitcoin entrepreneurs such as Cameron and Tyler Winklevoss acknowledged potential benefits of setting certain rules on the industry but warned that too much regulation could stall innovation and send jobs overseas. Regulation “will play the biggest role in bitcoin’s forthcoming evolution,” Cameron Winklevoss told a panel from the New York Department of Financial Services. He warned that “overregulation could cripple its development.”