Congress Virtual Currency Meeting Actually a Positive?! My thoughts, I'm VERY Happy

in cryptocurrency •  7 months ago

The US Senate Committee on Banking met today with the Chairman of the SEC and CFTC to discuss virtual currencies and regulation. While many thought this might provide a deathblow to Bitcoin and crypto during this bear market, the tone of the meeting was mostly positive. Let's talk about my overall thoughts on the meeting and why I'm happy walking away from it.

My favorite quote from CFTC Chairman Giancarlo: “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”

Also, here is the link to recorded video/audio from CSPAN:
https://www.c-span.org/video/?440770-1/jay-clayton-christopher-giancarlo-testify-hearing-virtual-currencies

A few key points:

  • Bitcoin seems to be on solid regulatory footing..
  • Chairman Giancarlo understands that Bitcoin brought us blockchain tech
  • Bitcoin is also not unregulated and the CFTC emphasized this point

On another note

  • The main sale days of ICO investing in the US appear over.
  • Not just VPN’s either, KYC/foreign passports

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LOL, I've never watched CSPAN either.

I think that a sizable portion of the US political class is already invested in bitcoin and the other major crypto/blockchain projects, so it's obvious by now that they want to work with the industry.

The fact that bitcoin futures were even allowed in the first place is undeniable proof of this fact.

Gian Carlo's body language seems to give full recognition to the technology behind bitcoin and so the Senate committee is like to come up with a supportive regulatory framework that will elicit the confidence of investors in crypto market. @cryptobobby thanks

Very interesting news. Also, you responded to my comment on Credits yesterday. Made my day. Thank you!

What is up with E-coin?

Maybe Estonian Electronic Citizenship could be the solution for the US citizend who want to invest in ICO.

Its very easy to get, legit, backed by the Estonian government and extremely cheap.

The fact that these hearings are happening is an indication of more penetration of these assets in the financial system leading to increased adoption. Regulation will come and that is not a bad thing as long as it it done in a way that paves the way for its benefits. Thanks for the insights!

the faith remains intact friend all of us investors hold hold soon will come better times and bitcoin will resurface strongly, take advantage so that the impatient ones leave before the rebound...
good news greetings

After this big dip, everyone. Journalists, politicians, chairmen from various places, everyone. Alright, I'm exaggerating a bit but I haven't seen this many positive opinions from these people about crypto in 6 months.

Interesting stuff, ty

Nice breakdown. Good to see they did not try to pull the plug on crypto. ICO's maybe they should be regulated.

The crypto world needs some kind of regulation to make it mainstream. I think we are on a very good track.

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin6938.630$-4.06%-33.75%
ETHEthereum698.093$-1.49%-37.35%
LTCLitecoin126.436$-2.02%-25.69%
NYCNewYorkCoin0.000$-3.5%-50.35%
XRBNano8.504$1.72%-44.44%