FINALLY GOOD NEWS FOR CRYPTO
Earlier today a meeting of THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS met 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 were: The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission; and The Honorable J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission.
If you like to see everything that what was said during the meeting, feel free to check it out with the link below. If you don't have that much time jump to the conclusions where you will find the most valuable information!
Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission
CONCLUSIONS
Conclusion #1
Through the years, technological innovations have improved our markets, including through increased competition, lower barriers to entry and decreased costs for market participants. Distributed ledger and other emerging technologies have the potential to further influence and improve the capital markets and the financial services industry.
Businesses, especially smaller businesses without efficient access to traditional capital markets, can be aided by financial technology in raising capital to establish and finance their operations, thereby allowing them to be more competitive both domestically and globally. And these technological innovations can provide investors with new opportunities to offer support and capital to novel concepts and ideas.
History, both in the United States and abroad, has proven time and again that these opportunities flourish best when pursued in harmony with our federal securities laws. These laws reflect our tripartite mission to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation. Being faithful to each part of our mission not in isolation, but collectively, has served us well. Said simply, we should embrace the pursuit of technological advancement, as well as new and innovative techniques for capital raising, but not at the expense of the principles undermining our well-founded and proven approach to protecting investors and markets.
Conclusion #2
We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination.
With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity. This hearing is an important part of finding that balance.
What this means?
Cryptocurrencies turn BULLISH again!
It seemed like some good news for cryptocurrency was overdue and now we finally get to see the bullish side of cryptocurrencies again. There is still a lot of margin to cover to make a full recovery but this sure as hell is a signal in the right direction.
Personally as always I'm hoping this bullish run can break the downward trend and get our cryptocurrencies back at their ATH, but as previously seen this can also be another bulltrap... Hopefully not! I also hope a lot of people took advantage of this great opportunity to buy cryptocurrencies relatively cheap! They still are... :-)
HODL
Let's go to the moon!
Smash that upvote if you are excited for the future of crypto! <3
Thank you for reading.
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Cheers,
MAXIDIGI
