SUMMARY
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.
The outcome seems neutral.
The full version of testimony by J. Christopher Giancarloyou:
https://www.banking.senate.gov/public/_cache/files/27383474-9469-49fc-88cc-f72f87b3e8ae/4E99130D460703D93EE34348CD2715C5.giancarlo-testimony-2-6-18.pdf
Testimony of Jay Clayton: https://www.banking.senate.gov/public/_cache/files/a5e72ac6-4f8a-473f-9c9c-e2894573d57d/BF62433A09A9B95A269A29E1FF13D2BA.clayton-testimony-2-6-18.pdf