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bitcoin in united states

The Fate of Crypto in the USA: Senate Hearing and Other Implications to Legislations

As CFTC and SEC chiefs sounded much to be in support of the Blockchain, the Bitcoin investors had a sigh of relief as the Bitcoin prices saw a surge.

All of us know that the Cryptocurrencies, though attracting huge investments around the globe, have also been criticised massively at the same time in almost every part of the world.

The major banks and credit card companies had started prohibiting the transactions related to Cryptocurrencies last month. This lead to massive distress among the investors of Bitcoin and other cryptocurrencies.

Many officials and investors alike, have gone on record that more stringent regulations and oversight must be placed on the people and organisations who are indulging into the Bitcoin markets.

Following all this, a Senate hearing was called upon where the present situation and the prospects for the Bitcoin and other cryptocurrencies were discussed at length. The Securities and Exchange Commission (SEC) chairman Jay Clayton and J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC) testifies in the U.S Senate hearing held on Tuesday. The hearing followed an increase in the Bitcoin prices.

Here’s all you need to know about the hearing:

Both the heads, Clayton and Giancarlo, have signalled that they will be going all out with whatever resources and power they have to protect the investors from frauds and hackers.

Clayton made his position even more evident as he compared the coin offerings called ICOs where digital tokens are offered with the normal equity markets. And asked for the same regulations which are used with the stocks and securities.

CFTC Chief said in a statement that they have been working closely with the Federal Bureau of Investigation to keep a check on money laundering and terrorist funding with the cryptocurrencies.

Various instances of fraud and hacking were also discussed in the Senate Hearing. The major example was the recent theft of over $530 million US from the Japanese exchange “Coincheck”. These issues were highlighted to explain the grievances and challenges already in facing the investors in Cryptocurrency.

Giancarlo has emphasized in the fact that the Blockchain has the potential to do great things for the world. He said that “Sixty-six million tons of American soybeans were just handled through a blockchain transaction by the Dreyfus company to China. So Bitcoin is now being used, it’s being used in our American transportation and logistics system.”

As both chiefs sounded much to be in support of the Blockchain, the Bitcoin investors had a sigh of relief as the Bitcoin prices saw a surge yet again.

It would be interesting to see how things turn out in the future.

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