THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS met in OPEN SESSION to conduct a hearing entitled:
Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The witnesses [were]: The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission; and The Honorable J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission.
A commission of the American Senate conducted this hearing to examine the implications of distributed ledger technologies (DLTs), cryptocurrencies and ICOs on the American economy.
RECAP of the USA SEC Hearing 6th Feb2018:
Negatives:
>Security concerns
>People need to be protected from themselves
>Exchanges need to be regulated like stock exchanges
>People are investing into BTC for retirement - how do we stop them losing money
> Need to reduce volatility
> All ICOs have to register with SEC or they're illegal
> Need more stringent regulation before allowing people to invest
> Need greater oversight before ETFs can be implemented.
>Believe that the market has been manipulated.
>Believe that more regulation is needed.
>ICO are scams
>Blockchain has potential
>Can not protect the people from who buy into scams
> Regulation could lead to FINRA designations & minimum equity requirements
Positives:
> possibly hit 20 trillion by 2020 if growth is sustained
> didn't ban crypto
> regulation leads to wall street investing
Virtual Currencies: The Oversight Role of the U.S.
A commission of the American Senate conducted this hearing to examine the implications of distributed ledger technologies (DLTs), cryptocurrencies and ICOs on the American economy.RECAP of the USA SEC Hearing 6th Feb2018:
Negatives:
>Security concerns
>People need to be protected from themselves
>Exchanges need to be regulated like stock exchanges
>People are investing into BTC for retirement - how do we stop them losing money
> Need to reduce volatility
> All ICOs have to register with SEC or they're illegal
> Need more stringent regulation before allowing people to invest
> Need greater oversight before ETFs can be implemented.
>Believe that the market has been manipulated.
>Believe that more regulation is needed.
>ICO are scams
>Blockchain has potential
>Can not protect the people from who buy into scams
> Regulation could lead to FINRA designations & minimum equity requirements
Positives:
> possibly hit 20 trillion by 2020 if growth is sustained
> didn't ban crypto
> regulation leads to wall street investing
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