The SEC, 2/6 - Basic Overview, RE: Crypto / Blockchain & WHY IT'S OPTMISTIC

Topic: Virtual  Currencies:  The Oversight Role of the U.S. Securities and Exchange  Commission and the U.S. Commodity Futures Trading Commission

In my own opinion, this hearing shed some* light on crypto and blockchain in terms of ongoing SEC concerns. Surprisingly enough, I am feeling optimistic after watching it. 

Basic Overview

• Systemic Risk - "Is anyone looking at the long term effects? ... This is eerily reminiscent of the late 90's ... [it] then, of course, exploded."
  • Only answer they had: "We have to watch it and watch it carefully."
  • Optimism: Comparing blockchain to a technological revolution, which many of us expect it to be as well

                                 

• ICO Scams and Crime
  • Essentially, they brought up ICO's and wanting to regulate them, and the ongoing security debate (translation: 'wut iz this crypto stuff anyway')
    • Optimism: They mention not wanting people to get scammed like they did in the 90's. Fair enough; I think we can all agree we don't want to get scammed on an ICO. 

                        

• Answer:  “The SEC doesn’t have the information to regulate this" 
• More and more ICO's are excluding the US from participation or requiring accredited investors only, so if you're risking an ICO, you should always look at your eligibility (**Step 1**)
• Untraceable crimes: Money Laundering, Terrorism, aided by crypto
  • Solution: WORLD PEACE.... (kidding) no solution on that in this discussion   
• BASICALLY, they mentioned needing more resources (aside from a recent scrambling "task force") -- so we can expect more TBD info regarding all of their unanswered concerns 

• SEC mention: "20 trillion dollar market by 2020"
  • Optimism: They are aware of potential / opportunity 

• They mentioned the value of blockchain regarding better privacy and data solutions
  • Optimism: Again, they see the potential, and there are so many more potentially world-changing projects in this space for industries across the board 
    • I appreciate that they mentioned this instead of solely using this hearing for "digital currencies" 

So yeah: 

I think the optimism in the technology is a good indicator that blockchain is here to stay (woo) and that is comforting in the midst of countries instilling FUD with potential bans. 

Funny Questions/Comments

Does it go straight up or down or what? ... 

AND

Someone actually used the term "HODL". 

Again, this is my personal opinion -- zero financial advice. Of course I am biased, I hold crypto, support blockchain projects, etc etc. Open to comments!!