Senate to Hold Bitcoin hearings and other cryptocurrencies
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On Tuesday 6th 10Am Eastern starndard time, the United state Senate will be holding a meeting to determine the fate of crypto currencies like bitcoin, Ethereum and others. Over the past few days investors have experienced a bloodbath in the market losing so much money and some investors pulling out their remaining funds in exchange markets due to uncertainty and fear in the crypto currencies. However a meeting is to be held to determine the fate of cryptocurrencies as we all know fundamentals/speculations play a major role in the cryptocurrency industry.
The reason for this meeting is to enlighten the congress how the cryptocurrency will fit into the landscape of financial regulations in the United States, and the steps need to be taken to protect consumers.
The chairman of the commodity futures trading commission(CFTC) and the chairman of the security and exchange commission will be testifying to the senate as these two officials are held responsible for the protection of the United States investors and enduring stability and efficiency in the markets. These officials are expected to highlight the dangers, vulnerability, cyber theft and fraud that bitcoin and cryptocurrencies presents. They will as well discuss and highlight their efforts on how to regulate the cryptocurrencies and even request for more power in order to regulate the virtual currencies.
If regulatory order is granted by the senate of the United States, CFTC and SEC could provide the foundation for cryptocurrency exchange traded funds. This will enhance security and slow down the volatility of the market as it will be properly regulated. It will also reduce fraudulent activities, cyber theft as their efforts on regulation will bring about changes in the market. This meeting will determine the fate of cryptocurrencies, if all goes well we will see a slow and steady rise of cryptocurrencies as many investors will embrace the positive news and companies will also dive into the market adopting some cryptocurrencies especially the top ones for their services. Proper regulation is needed to slow down high volatility in the market, vulnerability and panic from investors.
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The government is now wanting our Crypto??? This is really a crazy world we live in. Most Crypto investors wanted out of fiat and wanted to be free from the global banking system. The same corrupt Government and Global Banking system are now planning to dip into our crypto wallets! How can A Givernment Corporation form a committee that decides what happens to our crypto??? I did not vote for these people, I did not authorize them to speak for me, and do not want anything from them! I do want one thing from them other than to leave CRYPTO Alone!!! This was a great post and I really appreciate you taking the time to share it on Steemit. Have a great day! I will look forward to your future posts.
Yes man, Government are getting involved in it, big players like wallstreet and some other banks are getting involved to make invest in it. Thanks for stopping by
This is a huge opportunity for them to get on the right side of history when it comes to crypto. There are definitely areas that I think would be fair to regulate (exchanges). It would be huge for crypto if something productive was actually done. We're in the 21st century, we need a currency and economy that matches that.
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Thanks for sharing bro. Well done.
THanks dear
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