Key Takeaways From The Senate Bitcoin Hearing – SEC, CFTC Testimonies And More
The Senate Bitcoin Hearing The Senate Banking Committee’s hearing on the oversight of virtual currencies with the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) on Tuesday morning, had some key takeaways for cryptocurrency enthusiasts, investors, and market participants actively engaged in the purchase, sale, trading, issuance, rating, and / or the regulation of cryptocurrencies. The hearing was called by The Committee on Banking, Housing, And Urban Affairs to hear testimonies from the SEC and the CFTC on the opportunities, challenges, and dangers of Bitcoin (BTC) and other cryptocurrencies, with an intention to aid rising investor concerns about the market. Notable spokesmen at the hearing included:
Senate Banking Committee Chair Mike Crapo
S. Securities and Exchange Commission Chair Jay Clayton
S. Commodity Futures Trading Commission Chair Christopher Giancarlo
The SEC’s Stance The SEC’s key points, as brought forth by Clayton at the hearing included (but were not limited to):
The stance that technological innovation for capital raising should be embrace,d but not at the expense of protecting investors and the markets.
The risks of investing in ICOs and cryptocurrencies are significant because many promoters are not complying with US securities laws, and because investors who put money into them may have their money sent overseas without their knowledge.
The risk of not being able to effectively pursue the overseas cowboys in the products in the current crypto ecosystem
The need for more computer horsepower with the SEC in order to regulate Bitcoin, and for more workers in its Enforcement and Trading and Markets Divisions
5 issues that the SEC needs to resolve before approving cryptocurrency ETFs are:
Valuation and custody of the funds’ holdings
The CFTC’s Stance On the other hand, Giancarlo had the following points to make when speaking on behalf of the CFTC:
The current federal system for regulating Bitcoin is a patchwork, not a comprehensive structure
Appropriate federal regulation of cryptocurrencies may include data reporting, capital requirements, cybersecurity standards, measures to prevent fraud and price manipulation and anti-money laundering and “Know your Customer” protections
“We must crack down hard on those who abuse our enthusiasm for Bitcoin and blockchain technology”
Both the SEC and the CFTC agreed that Bitcoin is not a systemic risk now because it is a relatively small market. Together, the two financial regulatory authorities of the U.S. testified to tighter regulation and a more coordinated response between federal agencies, in order to protect investors from fraud and abuse in the cryptocurrency markets. While scams and fraudsters must be cracked down upon, the general market must simultaneously be allowed to develop.
[uncensored-r/Bitcoin] US: SEC, CFTC To Focus 100% On Crypto In Dedicated Hearing Next Week
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The US Senate Committee on Banking, Housing, and Urban Affairs met for about two hours in an open session on the role of the SEC and CFTC in the ongoing development of virtual currencies. The testimonies on behalf of both witnesses were released before the hearing began. Pre-Testimonies before February 5, 2018. The chairman and witness of the CFTC, J. Christopher Giancarlo, expressed optimism ... CFTC charges BitMEX owners with illegally operating a cryptocurrency derivatives trading platform and anti-money laundering violations Learn more Created with Sketch. CFTC Coronavirus (COVID-19) Response. Overview and resources for market participants on CFTC’s response efforts to COVID-19. Learn more Created with Sketch. Whistleblower.gov. Find information about CFTC's Whistleblower Program ... On 6 of February, a hearing on the subject of the bitcoin regulation took place in the US Senate. Experts from SEC and CFTC gave testimonies.. Speakers were J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton. #Bitcoin price may be down… but listening to the Chairman of the CFTC explain what “HODL” means during a house committee hearing on #cryptocurrencies …. priceless. ? — Gaƀe Higgins (@Crypto_Edge) February 6, 2018. While Giancarlo didn’t quite nail the description, he managed to display that he empathized with the sentiment of it ... Bitcoin prices rose to $7,650 on Tuesday, after dipping below $6,000 just a day earlier on Monday. On Twitter, Bitcoin’s fans were vocally excited about the hearing. Still, every form of currency will present its owner with an age old problem: other people will try to take it. Scammers are already targeting the newly formed cryptocurrency ...
Much fear and uncertainty was removed today after the SEC & CFTC Bitcoin & Cryptocurrency Hearings. SEC, CFTC: Senate Hearing on Cryptocurrency, Blockchain, Bitcoin, ICO's - 2/6/2018 (FULL) CoinsCabin. Loading... Unsubscribe from CoinsCabin? Cancel Unsubscribe. Working... Subscribe Subscribed ... This video is unavailable. Watch Queue Queue. Watch Queue Queue In today's episode we'll talk about - Bitcoin's (BTC) bounce back - the CFTC / SEC hearing and what came out of it - Singapore's statement on cryptos --- Fundamental Analysis (FA) on ... 'Bitcoin Bash' is a periodical podcast that I will be working on over the next year or so. We are publishing a new Instagram page alongside this podcast. The idea is to have a free flow of ...