The Tuesday’s Senate hearing has had the topic of cryptocurrency regulations. During it, the chairmen of two top US market regulatory agencies has stated the importance of blockchain and its link to Bitcoin.
The hearing was held by the Senate Committee of Banking, Housing and Urban Affairs in the US. Aside from cryptocurrencies, it touched a lot of topics regarding blockchain technology, initial coin offerings (ICOs), trading platforms, exchanges and exchange-traded funds (ETFs). Basically, there was nothing that wasn’t mentioned at the conference.
Right from the start, there was some concern about the fact that crypto exchanges are currently regulated at state level rather than the federal. Clayton and Giancarlo expressed concerns about that and said that this may change in the future.
According to Jay Clayton who is the chairman of the Securities and Exchange Commission (SEC), ICOs were more important topic of discussion. He said that ICOs should not be classified as a security under federal regulations.
The chairman Christopher Giancarlo, on the other hand, has won the hearts of all the Bitcoin enthusiasts out there with a couple of comments directed to the community. In the beginning, he made it certain that Bitcoin is linked to blockchain and told the committee that “it is important to remember that if there is no Bitcoin, there would be no blockchain”.
After hearing him out, the Chairman Clayton stated:
“We may be back with our friends from the U.S. Treasury and the Fed to ask for additional legislation.”
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