SEC and CFTC Hearing: “If There Was No Bitcoin, There Would Be No Blockchain”

From Cointelegraph

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The Commodity Futures Trading Commision (CFTC) and US Securities and Exchange Commision (SEC) met the morning of February 6 2018 to discuss their roles in Blockchain, virtual currencies, and ICOs. Set in Washington D.C. at the Dirksen Senate Building, the Committee on Banking, Housing, and Urban Affairs met in open session for about 2 hours. Before the hearing began, testimonies were released on behalf of both witnesses.

The Pre-Testimonies
(these testimonies were released on February 5 2018)

J. Christopher Giancarlo, chairman and witness of the CFTC, expressed optimism in his testimony towards Blockchain/DLT, dedicating a page and a half (VI. Potential Benefits) to the numerous ways financial institutions, charities, social services, agriculture, and logistics can all benefit from it. Giancarlo seemed very bullish on allowing more freedoms for DLT, even comparing it to the internet:

“This simple approach is well-recognized as the enlightened regulatory underpinning of the Internet that brought about such profound changes to human society. During the almost 20 years of “do no harm” regulation, a massive amount of investment was made in the Internet’s infrastructure. It yielded a rapid expansion in access that supported swift deployment and mass adoption of Internet-based technologies. Internet-based innovations have revolutionized nearly every aspect of American life, from telecommunications to commerce, transportation and research and development. [“Do] no harm” was unquestionably the right approach to development of the Internet. Similarly, I believe that “do no harm” is the right overarching approach for distributed ledger technology. “

Read more: https://cointelegraph.com/news/sec-and-cftc-hearing-more-legitimate-icos-or-if-there-was-no-bitcoin-there-would-be-no-blockchain

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Now that Asia has finished shitting all over the crypto ecosystem with FUD and crackdowns the real money has showed up just in time to save the day. Hopefully this will be the green flag needed from some western institutional investors to jump in. I still believe we are going to see new all time highs in 2018 and it's going to come from the west. The east brought us over 10K but the west will show us staggering new heights.

Leave your thoughts in the comments below.

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