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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"majestic10110",<br>"permlink":"us-senate-hearing-on-crypto-regulation",<br>"title":"US Senate Hearing On Crypto Regulation",<br>"body":"Watching the US Senate hearing on regulating cryptos. Key points:\n\n- The regulatory offices suggest no need to create a department just for Crypto regulation\/enforcement).\n- Further regulation is not necessary.\n- Main issue are ICOs and scams. The Chairmen said they are working together on preventing scams and have already laws in this regard,<br> to protect consumers.\n- Bitcoin should not be considered a security,<br> but rather a Commodity,<br> one of the chairman even refers to the term HODL and what it stands for,<br> says it's used primarily as a store of value.\n- Blockchain and cryptocurrencies are linked and strict regulations on crypto could prevent technological progress.\n- Crypto has an utility on a larger scale and not just for trading.\n- The crypto market is very small scale and needs time to develop,<br> to see if regulations are in fact needed.\n- On educating potential investors,<br> Chairmen say the crypto community is educating itself and understand the risks \n- One senator talks about the recent Coincheck hacking. Chairmen replies that their authority is limited,<br> since foreign exchanges could be used. It's a gap,<br> doesn't fall under SEC\/CTFC regulation.\n\nIn general this is very positive news and means that Regulation is not needed currently due to market size and existing laws that prevent Scams\/Confidence tricks and pyramid schemes.",<br>"json_metadata":" \"tags\":[\"cryptocurrency\",<br>\"ico\",<br>\"financial\",<br>\"news\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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