Crypto Bytes: A Morsel of Crypto: Regulation of the Day
#SenateHearing
After weeks of negative media that have brought the market down, some positive news is now emerging in the world of cryptocurrency.
https://www.inc.com/brian-d-evans/cftc-chairman-shows-support-for-blockchain-cryptocurrency-projects-by-suggesting-do-no-harm-registrations.html
Tomorrow there will be a senate banking committee hearing with the head of the SEC and CFTC testifying. Their notes to be discussed have been released today. Excerpts of note:
- US SEC Chairman Jay Clayton:
"As I have stated previously, these market participants should treat payments and other transactions made in cryptocurrency as if cash were being handed from one party to the other."
He basically equated cryptocurrency to cash. This can be the beginning of a path to realization that cryptocurrencies can be classified as actual currencies.
- US CFTC Chairman J. Christopher Giancarlo:
"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."
Those in charge are not as closed minded as we may have believed them to be. They have done some level of research. They know that blockchain tech is here to stay, and can change the way finance is conducted in the future.
Of course, they are going to discuss regulation and what they want to do to "protect" consumers. Scam ICOs and ponzi schemes will be on the no-no list.
Bottom line: No USA bans, no India bans, and no Korea bans. They are not interested in banning bitcoin or blockchain tech that can revolutionize industries.
We're not completely out of the woods, (Tether) and it will take time for the markets and masses to digest this news. Prices will probably not moon shot tomorrow. But we move on to crypto another day.