Why 6th of February is extremely important for the cryptocurency market?
Why 6th of February is extremely important for the cryptocurency market?
On the 6th of February, the heads of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (SEC) are set to testify on cryptocurrencies during a U.S. Senate hearing.
What does it mean?
SEC Chief Jay Clayton and CFTC Chief J. Christopher Giancarlo set to appear as witnesses during the hearings at The Senate Committee on Banking, Housing, and Urban Affairs. The major topic of the hearing is: "Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission"
Both Clayton and Giancarlo support ICO and cryptocurrency "investment" regulation.
What is Senate hearings and why is it so important?
The primary goal of any committee during the hearing is to collect and analyze information in the early stages of legislative policymaking. If The Senate Committee on Banking invites SEC and CFTC Chiefs, it's clear that US legislators are very interested in cryptocurrency market regulations.
As we might previously noticed, news about ICO regulations in Korea and China caused serious market panic-sell and corrections. Again, we can't say for sure the outcome of the hearings but it's logical to assume that we might see further ICO restrictions and regulations of the market as it's the nature of the government to regulate things.
Does it mean that it will completely crash Bitcoin? No, absolutely not. Will it prevent market recovery? - Very possible that it will contribute to the bear market strength, blocking bulls from any active actions.
Is it good to have regulations on crypto market or not? from my small understanding I think in some extend it is good cause few people with big money dominating this market, that is why this market is so volatile. if there are some sort of regulation then the scenario will be different. On the other hand if they impose any regulations on minimum investment then small investor like me will not be able to invest in this market. don’t know what will be the regulations in future but as you said 6th February is really important or I think this whole year is vital for crypto market cause I think most of the countries will may impose some sort of regulations such as china, India etc.
I don't think there wiil be those kind of regulations, but we have to wait a while to find out the truth :)
The terrorists masquerading as guberment need to butt out, they have already reduced the value of bitcoin to a 3rd of what it has been, and i only see it going back down as long as this stupidity is on going https://steemit.com/bitcoin/@lordtricky/the-implications-of-kyc-and-sharing-your-id-online
Is that the reason that the price is going down today?!
I think so :s