Senate Hearing says “HODL” bitcoin 🏰 🏰 🏰

https://www.risk.net/regulation/4126411/giancarlo-orders-review-of-cftc-rules
  • Investing in an ICO does not mean you are investing in blockchain technology
  • Most exchanges are less secure because they are not vetted by the SEC or CFTC
  • They believe that every ICO that has gone to market is in fact a security
  • The SEC has never conducted this much outreach for any other financial product
  • Total value of outstanding BTC is about $113 Billion, which is less than the total market cap of McDonalds.
  • Total value of virtual currency is around $313 Billion, total global money supply is $7.6 Trill and the total Gold supply is around $8 Trill
  • The Futures market gives them jurisdiction to oversee virtual assets
  • Advises that there needs to be more legislation/regulation in place to oversee the market better
  • Fin Syn (The Financial Interest and Syndication Rules) has been active in regulating
  • We could use more people in enforcement and in trading and markets
  • Launched CFTC innovation hub to understand and educate
  • Formed virtual currency enforcement task force that has brought forth three civil action suits against bitcoin fraudsters
  • Budget request for 13% more funding which will be focused on FinTEch, Cyber and Cryptocurrencies
  • If people are getting ripped off this will have systemic effect
  • If it is a medium of exchange it is like a currency, but has issues with processing. Yet it is still spoken of as a means of account, which gives it implications from the Fed. If it used as a store of value, it is like an asset or a commodity.
  • Some people want to hold on to it, so it is a commodity
  • We work with other countries like Japan to regulate cryptocurrency
  • One of the most frequently searched terms on library computers is bitcoin
  • Seniors seem to be the focus of fraudsters
  • Most investors don’t read it
  • I agree that we need disclosure that helps consumers
  • We rely on Gate Keepers to help regulate
https://smartereum.com/wp-content/uploads/2018/02/Senate-Crypto-Hearing-1-810x538.jpg
  • This gives us visibility into underlying spot markets
  • Coordination is important
  • The applications for this tech includes Financial Industry,Banking, Charity, Agriculture Futures, Transportation, Regulators
  • (Giancarlo) References credit exposure in 2008 and how a distributed ledger could have helped make good decisions and possibly prevented the crisis
  • The potential is great
  • I hope that people pursue it vigorously
https://media.coindesk.com/uploads/2018/02/hud-e1517937234744.jpg
  • It is a violation of the law and they can hide information.
  • These companies can do a private placement but only if they do it right.

Thank you for reading this piece, I hope you found it useful! If you are interested in continuing the conversation, we would love to have you in our Telegram group Crypto Cooperative: https://t.me/cryptocooperative

Resources from related government agencies:

Official Page of the hearing

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adamgdev

adamgdev

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Data Driven w/ strong Fundamentals, crypto evangelist, never ending learner, music and art nerd. I also play good tunes for cool people. twitter:@adamgdev