CFTC And SEC Had A Positive And Fair Stance On Cryptocurrencies During The US Senate Hearing

The Senate committee on banking, housing and urban affairs conducted a hearing on February 6, 2018 entitled, Virtual Currencies: the Oversight Role of the US Securities and Exchange Commission and the US Commodity Futures Trading Commission.

The Chairman of the US SEC Jay Clayton and the Chairman of the US CFTC J. Christopher Giancarlo were witnesses of the Senate hearing, which is considered as one of the most important meetings on the digital currency world.

Chairman Giancarlo made a positive and bullish point of view on cryptocurrencies during the meeting.

He said that the government should respect the interest of the new generation to this new technology with a considerate regulatory approach.

Giancarlo also noted that Bitcoin has an intrinsic value which is related to the cost of mining this digital currency.

He also added that what the government should do is to allow this industry to grow while regulating illegal activities around it as what other countries are doing.

Jay Clayton, likewise believes that the government should provide fairness and clarity in the Crypto-space.

Both Chairmen expressed a concern on the fact that crypto exchanges are presently regulated on a state-by-state basis rather than on the federal level, and they reiterated that Congress, at some point in the future, may want to increase the ability of federal regulators to look over the cryptocurrency market.

Clayton added that he has not seen an Initial Coin offering that should not be classified as a security under the federal laws.

Meanwhile, it is noteworthy that Giancarlo contradicted to the misconception that Bitcoin is just riding the success of Blockchain technology whereas he said that there would be no Blockchain if there was no Bitcoin.

Overall, the hearing went well and confirmed that new cryptocurrency regulations will likely to come in the US market, which will focus on the illegal activities that surrounds cryptocurrency market.

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