Breaking News: US Senate to discuss bitcoin.
According to Reuters the U.S. Senate will next month hold a hearing with the country's top markets regulators to discuss the risks posed by cryptocurrencies such as bitcoin, a person with direct knowledge of the matter told Reuters.
The Senate Banking Committee will take testimony from Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo and Securities and Exchange Commission (SEC) Chairman Jay Clayton in early February, the source said.
The hearing comes amid heightened concerns over a bubble in the bitcoin market after the currency soared to record highs of more than $19,000 in December, only to slump more than 28 percent.
Here we go! Looks like we are in for some bumpy waves (US Residents only).
Armando out!
Big crypto regulations are almost certainly coming to the US this year as they can no longer ignore the crypto space (will likely do something near tax time in the spring). Things could get interesting...
I am confident that a ban will not happen but certainly some time of a more robust tax bill.