Here’s quick sum up about the SEC hearing today.
1. Education about Cryptocurrencies and Bitcoin must be prioritized.
2. New tokens must be seen with better depth analysis in order to sustain.
3. ICO’s must be regulated in order to save investors money, which will be beneficial for the whole cryptosphere.
4. Cryptocurrency is applicable in 2 ways, as commodity and a currency as a value of exchange.
5. New reforms and smarter people must be recruited in order to develop/oversee this new tech.
So as of right now the evidence is far too substantial for the government not to fully support the Cryptocurrency movement. In the coming months there will be more specific regulations. In a nutshell so far, the SEC meeting was very informative and we’ll soon see some good news coming in the near future if everything goes well.
As stated in:
“WRITTEN TESTIMONY OF J. CHRISTOPHER GIANCARLO CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION BEFORE THE SENATE BANKING COMMITTEE WASHINGTON, D.C. FEBRUARY 6, 2018”
Section VII. Policy Considerations (P2) — Conclusion
This simple approach is well-recognized as the enlightened regulatory underpinning of the Internet that brought about such profound changes to human society. During the almost 20 years of “do no harm” regulation, a massive amount of investment was made in the Internet’s infrastructure. It yielded a rapid expansion in access that supported swift deployment and mass
adoption of Internet-based technologies. Internet-based innovations have revolutionized nearly every aspect of American life, from telecommunications to commerce, transportation and research and development. This robust Internet economy has created jobs, increased productivity and fostered innovation and consumer choice.
“Do no harm” was unquestionably the right approach to development of the Internet. Similarly, I believe that “do no harm” is the right overarching approach for distributed ledger technology.
We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a
responsible regulatory response. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination. With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow
our economy and increase prosperity. This hearing is an important part of finding that balance.
Links to the transcripts of the meeting:
Video of meeting: