Former Chairman of SEC to Serve as BitPay, Vaurum Advisor

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Arthur Levitt, the former Chairman of the United States Securities and Exchange Commission (better known to you and me as the SEC) will reportedly be serving as advisor to two bitcoin enterprises.

They’re BitPay and Vaurum.

Now, BitPay you’ve heard about before, no doubt. My coverage of the company has been extensive. But as far as Vaurum goes, you may have heard a little about this bitcoin exchange earlier this year when it was announced that investor Timothy Draper would be using the Silk Road bitcoins he acquired to help out with their market liquidity.

As advisor to both companies, Mr. Levitt will be monitoring business practices in addition to helping find new ways to market digital currencies to the masses.

“Bitcoin is a fascinating new product in the rapidly changing world of financial service,” he remarked. “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.”

“Bitcoin is a technology innovation that offers capabilities and speeds of payments that have never been possible before,” added Tony Gallippi, executive chairman of BitPay. “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.”

Vaurum CEO Avish Bhama also remarked, “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.”

[textmarker color=”C24000″]Image[/textmarker] Financial Times