The Securities and Exchange Commission (SEC)and Commodities and Futures Trading Commission (CFTC) representatives testified yesterday evening (Europe time) in front of the Senate Banking Committee. The testimony was pre-released already earlier on banking.senate.gov and recapped by bitcoin.com.
SEC chief Jay Clayton. Image from bitcoin.com
The whole testimony is probably not very interesting for most of the readers, but it definitely was not as negative as many expected. Key takeaways were:
- SEC wants to crackdown on fraudulent ICOs
- both SEC and CFTC stated that crypto markets in the US require a coordinated regulatory scheme, and that the feds may need more power to enforce the rules
- no China style crackdown planned
“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one,” said Giancarlo, chairman of the Commodity Futures Trading Commission. Giancarlo admitted, that without Bitcoin, there would be no distributed ledger technology.
Via fortune.com
So there is no reason to worry for blockchain bulls - the regulations were bound to happen and once it's all done and dusted, maybe we can move on to proper crypto trading. After the hearing, Bitcoin managed to squeeze out a short relief rally, rising as high as 7880, from it's low point of 6000.
Read a short report of the hearing at fortune.com
BITSHARES
On February 2nd, Weiss Ratings Agency, the same one, that created a furore with publishing it's cryptocurrency reviews and leaving Bitcoin with a C+, has upgraded Bitshares' rating to B- from C+, effectively lifting into the top 6 cryptos out there.
The top 6 in Weiss Ratings are currently held by Cardano, EOS, Ethereum, NEO, Steem (of course) and Bitshares. No cryptocurrency currently holds an A rating.
Visit Weiss Ratings here https://www.weissratings.com/. The original Report is behind a paywall, but the recaps and reviews are freely available on the internet.
Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.
Title image from pixabay
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