SEC Roundtable Discussion

Let's start our review of the day going back in time, almost one year ago, when our famous Andres tweeted this to the right.

Though, we live now in different times. After such a massive correction, today was held a hearing on the Congress related to Cryptocurrencies and the approach that probably the US would take on the matter. As reported some time ago, the G20 is looking to discuss the subject further. So the tone, after so much denial, "Regulate it."

Let me be honest with you; as a former Law student, I have to admit that regulations are good. When any country congress tries to regulate, they first go through the question; "is this new social phenomenon something large enough, we need to regulate it?". Regulation does not equal prohibition, is just a way to put in law what the rulers find as desirable according to the Status Quo.

When the legislative body of one of the most powerful countries in the world, decides to listen to the SEC on a subject, that before was almost considered "black magic", there is a big step ahead. I consider myself that regardless of what the content was, there is a huge meaning on what happened there.

That is why I quote to Aantonop, who remember us, that those who now are trying to decide on our future (call it SEC, China, JP Morgan, Lloyds, Visa and Master, and many more who spread the FUD), actually are part of the old system which will fall eventually. Same as is happening today with traditional stores, that feel the pressure of the online retail giants, the future will show us that there is an Economic revolution germinating at this very same moment.

Is not about how much HODL or scalping profits you are making. For those who believe in this new system, in a new society, where trust, fairness, transparency, and lack of intermediaries would be the new normal.

What they say at the hearing?

We can synthesize the hearing, officially named "Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission" into the following points;

1- ICOs, they are quite a concern for the SEC, and the concern are accepted. If the ICO is promoted in a way that potential investors are offered, either dividends or guaranteed profits, they will go after them. The idea is to protect investors from scams, depredatory practices and also false promises. We all know that there are a lot of sh*tcoins around. I am quite relieved that from now on, scammers and low lifes will think twice before creating an ICO to rip off people.

Jay Clayton, SEC Head said;

"ICOs that are securities offerings, we should regulate them like we regulate securities offerings, end of story,”

Particular diligence is requested from law professionals advising these ICO schemes since due to their higher knowledge on the matter, they could be deemed responsible in front of the SEC.

2. No longer a place for terrorists we all know thanks to the media of the way the Silky Road made use of BTC to hide money trails, as also how many organs, nuclear bombs, and probably also baby kittens to explode with dynamite, were sold using BTC in the past. Stories of the dark web can be found anywhere in the upper layers of the internet, no need to use Thor.
Attending to this critical point, the same Clayton referred to the fact that the Intelligence Services in the U.S. are aware of the use of cryptos by overseas parties to circumvent international sanctions.

“Word is getting out that we will go after misconduct, I think you’re seeing it in the price, and it’s an important step.”

They are aware that the FUD also made much dirty money flee the market.

3. An old guy explains the Senate what HODL is, and if you were following the News, you might have come across to one of the best moments of 2018 (well c'mon let's try to smile after these bleeding days). When J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission, spoke as we will see in the video below, I could not more than smile; behold Steemers!!!