Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission

in regulations •  7 years ago 

https://www.banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39&utm_content=buffer99da0&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

February 6, 2018 10:00 AM

538 Dirksen Senate Office Building

THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS will meet in OPEN SESSION to conduct a hearing entitled, Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. The witnesses will be: The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission; and The Honorable J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission.

regulations cryptocurrencies blockchain technology bitcoin
7 years ago by

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    • [-]
      ·  7 years ago 

    Did you see that post in the group ? Here I’ll put it here below....

    But from my point again, let’s be honest , anybody waiting for government regulations has totally missed the point of crypto, it’s not illegal and never will be nor can it ever be stopped , the good part the government doesn’t frown upon crypto 😁, the technology behind it will change the world one day as its already made big changes for other countries

    👇👇👇👇is what was posted

    “ Watching the US Senate hearing on regulating cryptos. Guys, we're going to the moon, very positive news. Here's the key takeaway so far:

    • The regulatory offices have a hiring freeze right now, so budget is very constraint (suggests no need to create a department just for crypto regulation/enforcement).
    • They already have a team in place, made of economists and technology specialists, which are researching crypto and already made progress on preventing scams. Suggests it's enough for now and further regulation is not necessary.
    • Main issue are ICOs and scams. The chairman said they are working together on preventing scams and have already enforced non-crypto related laws in this regard.
    • Bitcoin should not be considered a security, but rather a commodity, one of the chairman even refers to the term HODL and what it stands for, says it's used primarily as a store of value. Says his 30-year old niece holds Bitcoin.
    • Blockchain and cryptocurrencies are linked and strict regulations on crypto could stomp tech progress.
    • Crypto has an utility on a larger scale and not just for trading.
    • The crypto market is very small scale and needs time to develop, to see if regulations are in fact needed.
    • On educating potential investors, chairmen say the crypto community is educating itself and understand the risks (they say the community goes to the library and ask for books about Bitcoin, who does that? :))
    • One senator talks about the recent Coincheck hack. Chairmen replies that their authority is limited, since foreign exchanges could be used. It's a gap, but it doesn't fall under SEC/CTFC regulation.

    In general, in regards to regulation, the answer is that it's inconclusive. It might be needed, but for the moment there's no threat due to the lack of maturity of the crypto market.

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    3 votes
    [-]
      ·  7 years ago (edited)

    Good news thank you @kennethbosak but why?

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      1 vote
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        ·  7 years ago 

      Cool

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        [-]
          ·  7 years ago 

        This is very interesting!

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          [-]
            ·  7 years ago 

          Thanks for this. It’s always good to know what is going on with these “regulators”

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            [-]
              ·  7 years ago 

            Hello Kenneth :) Advertise your website or your Steemit profile on https://cryptopiece.com/

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