The Committee on Banking, Housing and Urban Affairs of the U.S #Senate is conducting a hearing on cryptocurrency. The hearing isn’t until 10am tomorrow, but you can read the testimonies by the chairmans of the #SEC and CFTC here.
If you are not a nerd like me, and don’t like reading uhh.. 40+ pages?, here are some key points!
- FYI: The SEC and #CFTC are federal market regulators charged with establishing a regulatory environment that fosters innovation, market integrity and confidence.
- The testimony shows a positive and optimistic attitude about the #technology and its potential for all kinds of investors.
- #Investor protection is lacking in the crypto space. Cryptocurrencies and #ICOs are within the legal scope of the federal securities laws, and investors should be protected accordingly.
- Just because a currency/asset is not advertised as a #security, it doesn't mean that it isn't.
- Oversight of transactions and of #trading platforms needed. Currently exchanges are subject to state regulations.
- A key issue is whether the historic approach to the regulation of currency transactions is appropriate for crypto markets.
It's awesome that people in charge of regulating the market realize the potential of cryptocurrency. We've been seeing so many governments reacting negatively to the growth of cryptocurrency, which has fueled price #volatility even more lately. We need a pro-crypto government like yesterday. Although I am all about decentralization, I understand the need for some kind of regulatory framework and consumer protection for investors. It's necessary for the mass adoption of cryptocurrency.