The US Regulators, SEC and the CFTC, held their first important meeting on Virtual Currencies at 10am EST today. It lasted for about 2 hours and included a Q&A session.
In a nutshell, and in my humble opinion, it looks like they are NOT going to ban the virtual currencies but are going to look at introducing regulations to protect people from fraud and abuse, particularly which involve Initial Coin Offerings (ICOs).
There are, ofcourse, several hurdles and challenges to be overcome in introducing regulations in this complex area of Virtual Currencies but the good news is that they appear to be willing to embrace this new innovation and put in place regulations which should protect the general public from fraud and abuse In addition, it will provide a new channel for the government to obtain funds through the collection of taxes.
In his written testimony, the Chairman of CFTC stated that "The CFTC believes that the responsible regulatory response to virtual currencies must start with consumer education". You can read the whole of his testimony here....
This has also been summarised by Bix Weir in his latest video today....
I hope this post (e.g. on STEEMIT or other social media) is a good starting point in this consumer education. I encourage fellow Steemins to contribute by commenting below or posting any further news or findings on this subject.
If you've found this information helpful, please consider upvoting and resteeming this post. Thanks !
DISCLAIMER: I'm not a financial adviser, nor a professional trader and nothing I say here is meant to be a recommendation to buy or sell any financial instrument. It is purely for educational purposes. Don't invest money you can't afford to lose. Always do your own due diligence before trading or investing.