Elray Resources Inc (ELRA)

[starboard]

ELRA May See Jump as DoJ and SEC are Expected to Avoid Regulation of Bitcoin Currency

(NEW YORK)--Elray Gaming (OTC:ELRA) could see a boast in its price as both the Dept. of Justice and Securities Exchange Commission (SEC) are expected to give their blessing to the new virtual currency Bitcoin in front of US Senate panel today.

One of the main factors holding back large investors into this emerging industry was the prospects of possible heavy pressure from US regulators. With both the Dept. of Justice and SEC now giving their basic blessing that this new emerging currency will not be regulated overtly here in the US this may open the door for more capital inflow to ELRA as one of the only publicly traded companies involved in the Bitcoin market.

Monday the U.S. Senate Committee on Homeland Security and Governmental Affairs is due to hold a hearing on the challenges law enforcement and regulatory agencies face dealing with bitcoin.

Ahead of that meeting, Bloomberg News reported that the Department of Justice and the SEC are expected to tell a U.S. Senate Committee that bitcoins are are legitimate financial instruments. The virtual currency offers benefits and risks just like any other online-payment system, according to letters released before the hearing:

http://blogs.marketwatch.com/thetell/2013/11/18/bitcoin-flies-above-600-on-hopes-of-d-c-blessing-china-buzz/

ELRA closed Friday at a price of $0.04 per share, or $1 million market cap, based on 25 million shares outstanding stated in their most recent 10Q quarterly report with the SEC.