Today, the US Senate held a discussion entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission”.

Here is a summary from my friend Brian VanderMay that refuses to get on Steemit ;)

1. The two commissions need to collaborate to identify the gaps of authority that exist and need to come back to recommend legislation to fill the gaps

2. SEC Chief Clayton was unambiguous in his belief that all ICOs are security offerings

3. CFTC Chief Giancarlo was very positive about the need to facilitate crypto safely and to encourage its growth. He also promised more crackdowns are coming on scammers.

4. Neither group has sufficient staff at this time. SEC mentioned they’re in a hiring freeze and it’s a big problem.

5. CFTC has done more consumer outreach to educate on crypto than anything they’ve ever done.

6. SEC chief said individual’s promotion of ICOs will subject you to securities law, so be cautioned in the manner in which you give advice. Particularly celebrity promotion was called out. In fact, Floyd Mayweather was named.

Decidedly pro crypto overall, but what ICOs will look like in the future is unclear. No taxation discussion of any kind. Basically, a debate over how much disclosure there should be. Relevant and a good start, but no conclusion.

If I missed something important, please feel free to add in the comments and post sources if possible.