Senate Hearing- something positive in the cryptoworld
February 8, 2018 5:17 am,
Just about yesterday (6th February 2018), in a hearing before the Senate Banking Committee, Securities and Exchange Commission Chairman Jay Clayton and Commodity Future Trading Commission Chairman Christopher Giancarlo spoke about what the near-term US regulatory fate of cryptocurrency might look like.
After a massive period of pessimism, plunging prices and bad news in the crypto-street, this hearing turned to be surprisingly optimistic to the coin watchers.
“Bullish.” “A sigh of relief”: These were just some of the comments that came from industry observers in the wake of a hearing held yesterday by the U.S. Senate Committee on Banking, Housing and Urban Affairs, one that addressed the question of how lawmakers should consider cryptocurrency regulation.
Over the opening of the hearing, Clayton and Giancarlo raised their thoughts over what can be regulated, what should be regulated and how, while offering a broader outlook on the long-term future of cryptocurrency market and blockchain technology.
They said that the onus was on the government to respect cryptocurrencies as an emerging market popular with America’s younger generations and develop a positive outlook for its future.
Giancarlo also highlighted that scammers and fraudsters in the crypto-market had to face the full front of the law if cryptocurrency and the technology behind it were to develop any further. A working group made up of the Securities and Exchange Commission (SEC), Financial Crimes Enforcement Network (FINCEN) and the Commodity Futures Trading Commission (CFTC) are working to identify scams.
His exact words were quoted as follows, “We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology”, “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”
The hearing took a “do no harm approach” to the cryptocurrency market, but will be monitoring activity in the ICO market closely. Bitcoin picked up around 8% while lesser known altcoins such as NEO and NEM rose over 21%. Almost all cryptocurrencies in top 100 are in the green territory at the time of filming. The market participants took cues from US regulators who appear to see the transformative potential within blockchain technology and cryptocurrency.
Certainly and finally bullish!