The US Senate Committee on Banking met today with the Chairman of the SEC and CFTC to discuss virtual currencies and regulation. While many thought this might provide a deathblow to Bitcoin and crypto during this bear market, the tone of the meeting was mostly positive. Let's talk about my overall thoughts on the meeting and why I'm happy walking away from it.
My favorite quote from CFTC Chairman Giancarlo: “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”
Also, here is the link to recorded video/audio from CSPAN:
https://www.c-span.org/video/?440770-1/jay-clayton-christopher-giancarlo-testify-hearing-virtual-currencies
A few key points:
- Bitcoin seems to be on solid regulatory footing..
- Chairman Giancarlo understands that Bitcoin brought us blockchain tech
- Bitcoin is also not unregulated and the CFTC emphasized this point
On another note
- The main sale days of ICO investing in the US appear over.
- Not just VPN’s either, KYC/foreign passports
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