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On Tuesday 6th 10Am Eastern starndard time, the United state Senate will be holding a meeting to determine the fate of crypto currencies like bitcoin, Ethereum and others. Over the past few days investors have experienced a bloodbath in the market losing so much money and some investors pulling out their remaining funds in exchange markets due to uncertainty and fear in the crypto currencies. However a meeting is to be held to determine the fate of cryptocurrencies as we all know fundamentals/speculations play a major role in the cryptocurrency industry.
The reason for this meeting is to enlighten the congress how the cryptocurrency will fit into the landscape of financial regulations in the United States, and the steps need to be taken to protect consumers.
The chairman of the commodity futures trading commission(CFTC) and the chairman of the security and exchange commission will be testifying to the senate as these two officials are held responsible for the protection of the United States investors and enduring stability and efficiency in the markets. These officials are expected to highlight the dangers, vulnerability, cyber theft and fraud that bitcoin and cryptocurrencies presents. They will as well discuss and highlight their efforts on how to regulate the cryptocurrencies and even request for more power in order to regulate the virtual currencies.
If regulatory order is granted by the senate of the United States, CFTC and SEC could provide the foundation for cryptocurrency exchange traded funds. This will enhance security and slow down the volatility of the market as it will be properly regulated. It will also reduce fraudulent activities, cyber theft as their efforts on regulation will bring about changes in the market. This meeting will determine the fate of cryptocurrencies, if all goes well we will see a slow and steady rise of cryptocurrencies as many investors will embrace the positive news and companies will also dive into the market adopting some cryptocurrencies especially the top ones for their services. Proper regulation is needed to slow down high volatility in the market, vulnerability and panic from investors.
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