Today, the Senate Banking Committee heard testimony from the top two financial regulators, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
The chairman of each, Jay Clayton for the SEC, and J. Christopher Giancarlo of the CFTC, each released written testimonies prior to the hearing. Here it is for the SEC and CFTC.
Let’s see what they’ve been saying.
I have to say Chairman Giancarlo was overall positive. He compared cryptocurrencies, blockchain, and distributed ledger technology to the Internet. He said:
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.
One of the other important points Giancarlo made is that they are used to volatile assets like bitcoin. And he noted how other asset classes, like VIX, were more volatile than bitcoin.
In all fairness he also said the cryptocurrency space needed more regulatory oversight.
Also cool, Giancarlo explained hodl to the US Senate Banking Committee.
Chairman Clayton was a bit less enthusiastic about the space and had a bigger focus on the ICO market.
The concern of the SEC is that hard-earned money is getting sucked up in bogus projects that are outside the scope of federal securities laws. And he wants to see Americans have the full protections afforded under those laws.
He wasn’t all doom and gloom and did say:
I am very optimistic that developments in financial technology will help facilitate capital formation, providing promising investment opportunities for institutional and Main Street investors alike.
Overall I think the SEC and CFTC testimony is going to be beneficial for the space. Taking a look at the charts we formed a nice V bottom with good volume. Time will tell.
What do you think? Is the bottom in for the crypto market?
and trade cryptos on Binance
I would like to think the bottom has past. There was a lot of uncertainty going into this meeting, but with the news being pretty positive, a lot of the doubt has been eased. This should help bring confidence back to the crypto market...but you never know.
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It's kinda the opposite of buy the rumor, sell the news. This regulatory event is now past... bitcoin still isn't dead... but we'll see.
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yeah it should be the bottom lol, I'm a HODLER but still wish the price could come back soon ;)
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I hodl too... i can take a lot of pain lol
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The market passes from the stage we consider necessary, and must be, as the Btc escalated maniacally in the previous phase, potential pitfalls aware that each rise and, and, and did not examine the history of BTC, will not know where location, and future-oriented ....
BTC is always strong patches ( there from naming them free fall, but we call it the PATCHES because learners are intended to give the currency of what real value commensurate with the supply and demand, وBTC in this strong corrections history of large
enough to fund for 2012 and 2013 and 2014 compares the greatest value and the lowest BTC per year to find انBTC value of 1300 rose and fell to the value of 500 for the value of 1100 rose and fell to the value of $160 ...
But always the general trend of the BTC, the trend .....
The general idea that this stage is very normal and is not considered a major supermarket, a cycle of currency, will not absorb currently .....
Common sense and logical and will repeat that differ from knows of trading name, nor of the BTC only drawn ..
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It will go back on the moon
its time to hold
thanks for sharing information with us
keep it up
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Cheers!
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Thanks for sharing @g-dubs. I was reading about this and I agree, I imagine it will be overall beneficial to the space, which will be a nice change!
The V bottom pattern is also promising, but like you said; time willl tell!
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Truth is no one knows when we'll bottom, but I'd say at least the odd are in our favor at this point.
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Agreed, we will see how it goes anyway!
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Yeah: the CFTC chair is "Our Guy." But I do have to say that the SEC chair, though showing the usual ambition of bureaucrats, was reasonable is his way instead of punitive.
The testimony did take a lot of pressure off the crypto market,but I have to pessimistically answer "no." Not because I think there's any specific danger; it's because 2017 was the kind of year that's too good to last. Years like that tend to be followed by harder times; that's the way speculative markets operate.
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Giancarlo is definitely one of the good ones. I'm glad they've taken the lead. Hopefully it keeps the SEC to being reasonable.
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Useful news thanks for sharing straight ahead
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Thanks!
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I too was pleased at the tack taken by both these men, curious whether that impacted what seemed to be a turn for the better today for Bitcoin and other cryptocurrencies
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For all the worry they haven't done anything rash to date... I think overall it's positive.
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I think we will see some more red..still too much regulatory uncertainty and scams continue to pop up. that said, we've absorbed a ton of bad news in the last month so if we get some positive headlines the market might pop.
thanks for sharing @g-dubs, you got a new follower.
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You may be well right... I think a lot of that is priced in at this point... but it can always get worse ;-p
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We can see the positive effect of this news today. Prices are slowly going up !
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Let's see if we hold or retest.
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If this is indeed important good news then how can the bottom NOT be in place?....for BTC to go to a new low would mean there are fundamental problems beyond any market correction, FUD etc.
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Who knows... there may be other factors at work we're not aware of... but I think the odds of a bottom are a lot better now.
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@g-dubs why Cryptocurrency was down ?
And When It back please tell me?
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Only the gods know!
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Valuable post. Thank you for sharing. Upvoted and Resteemed by @cryptoryno33
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Thanks!
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My pleasure!
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I like the comparison with internet. It's true - crypto will pave a giant step forward for the humanity. I hope bureaucracy won't halt the progress.
Botom in? I hope so.. I'm ready for things to go back to normal.
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Agreed, you can't regulate your way to innovation and prosperity.
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Absolutely!
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"The concern of the SEC is that hard-earned money is getting sucked up in bogus projects that are outside the scope of federal securities laws. And he wants to see Americans have the full protections afforded under those laws." What a load of BS....as if the govt cares or does anything when people lose money in their investments. In fact, the IRS takes a cut of your profits after you have taken the risk and invested successfully, but if you lose money you are on your own. Simply amazing that people have not risen up to overturn such unfair taxation. Not to mention that taxation on capital gains is unfair double taxation to begin with. Govt = thieves.
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Amen brother! They got quite a racket. That's why I'll always be hodling, no plans to go back ;-p
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Indeed they do, whether its weed or crypto, it's only legal if they can make money off it and waste it in the govt coffers / lining their pockets....bunch of dirty leeches...just a mafia really. It pisses me off that we have to take our hard earned money, get taxed on it and then with what little is left after paying bills, property tax etc you do your research and invest, and if you win they take their cut, if you lose it's your problem...capital gains losses have a $3000/year deduction limit, which is such a joke (And of course there's no limit on your gains being taxed, sure, sounds fair). The system is rigged, must be nice having a no-lose business
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This post has received a 0.50 % upvote from @booster thanks to: @g-dubs.
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you create a great post....i impressed to see it...Lot of thanks for Sharing this informative and valuable post....best of luck
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Thanks!
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IMO there is still going to be a bit of up and down for the next week or so but I expect it to be back to being extreamly bullish starting on Feb 14th reaching the 14k mark in the 2nd half of Feb which once passed will likely never go below that number again.
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Nice post! If anyone missed the meeting I posted the full video on my blog https://steemit.com/cryptocurrency/@cryptostream/bitcoin-regulation-senate-banking-committee-hearing-us-supports-cryptocurrency-not-ico-s
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Nice post,.......................... BTC ........................ :)
.
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Cheers!
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Thank you g-dubs for making a transfer to me for an upvote of 1.48% on this post!
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This post has received gratitude of 2.13 % from @appreciator thanks to: @g-dubs.
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1.87% @pushup from @g-dubs
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Sneaky Ninja Attack! You have been defended with a 1.30% vote... I was summoned by @g-dubs! I have done their bidding and now I will vanish...Whoosh
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You got a 1.14% upvote from @postpromoter courtesy of @g-dubs!
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bitcoin again stable
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hodl ftw
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Good info! I don't think anyone knows where the bottom is, but I'm long.
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This post has received a 1.61 % upvote from @boomerang thanks to: @g-dubs
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Nice to meet you. I first started to get into steemit. I'll follow you. Thank you for a good article.
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