Senate Hearing on Cryptocurrency Presents A Different Tone on the Industry

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A hearing occurred before the Senate Banking Committee today, given by Jay Clayton, the Commission Chairman. Alongside Clayton was Christopher Giancarlo, the Commodity Futures Trading Commission Chairman. With a week of plunging prices for bitcoin and the world of cryptocurrency, the hearing may help to bump up prices in the near future. The hearing consisted of the two aforementioned men, trading testimonies as to how the industry could be regulated for the near future.



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The two offered a broader look that we have yet to see, to help ensure that the underlying technology that is a breakthrough, it safeguarded by legislation. The goal for the pair is to ensure that the technological capabilities that cryptocurrency has will be safe from the high amount of criminal activity that is conducted in the market. The testimony stated that there are “three pillars of the virtual currency ecosystem (for lack of a better unifying term): cryptocurrencies, “a replacement for dollars;” ICOs, “like a stock offering;” and distributed ledger technologies, or the technical framework generally known as blockchain.



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Throughout the hearing, on the SEC side, Clayton struck a relatively solemn tone focused on ICO fraud concerns, while the CFTC’s Giancarlo came across as genuinely enthusiastic and curious about the emerging market.” This is according to a report on the case. Given that the market on cryptocurrency is still relatively in the infant stages of its history, no legislation has been made up until this point to actually help it grow. With hearings like this, it seems like the future of cryptocurrency could be safeguarded, but without the high amount of criminal activity that has become so characteristic it in the past. The hopes are high that cryptocurrency will remain one of the ways we innovate digital tech in the near future.

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