Watching this event kind of felt like watching a courtroom proceeding, than a senate hearing. As if the fate of Bitcoin was resting on Peter Van Valkenburgh's shoulders.
I came away after watching with questions in my head like Are Crypto Currencies and Blockchain technology useless because better Centralized systems are already mass adopted in the Fin-Tec ecosystem? Was the public's freedom to transact in all manners of way's without the need for an intermediary organization to settle transactions at risk of never happening? Is the upgrade to the internet really Blockchain?
Now consider the timing here. Its October 11th and the price of bitcoin has suddenly dropped below $6,300 in the last 24hrs… So you can bet, I'm feeling kind of bummed.
And we have 2 witnesses testifying before the Senate in what seems like the first time the U.S. Government heard about blockchain and is trying to understand what this "thing" called Bitcoin is about.
At least for the handful of senators where actually at the hearing.
HERE'S MORE DETAIL:
Senate Banking, Housing & Urban Affairs Committee Hearing on Cryptocurrencies and Blockchains
Economist Nouriel Roubini and the Coin Center’s Research Director, Peter Van Valkenburg, testified at a Senate Banking, Housing and Urban Affairs Committee hearing on cryptocurrency and blockchain technology. The hearing focused on securing and regulating the crypto-industry.
Full Hearing:
https://www.banking.senate.gov/hearings/exploring-the-cryptocurrency-and-blockchain-ecosystem
C-span Link:
https://www.c-span.org/video/?452837-1/senate-banking-panel-explores-cryptocurrencies-blockchains
WITNESSES
NOURIEL ROUBINI - PROFESSOR OF ECONOMICS AND INTERNATIONAL BUSINESS
New York University Stern School of Business
https://en.wikipedia.org/wiki/Nouriel_Roubini
Quotes:
First, Crypto is the mother or Father of all scams and bubbles.
A bubble that’s finally got busted this year. Second Blockchain is the most over hyped technology ever and is no better than a glorified database.
He was super open to the idea of Blockchain as an over-hyped fraud and Bitcoin as a useless form of anything it claims to do for people. He was very confident in his remarks to the senate, that Bitcoin is bad news, and there's no need for it to exist.
PETER VAN VALKENBURGH - DIRECTOR OF RESEARCH AT COIN CENTER.
Coin Center is the leading non-profit focused on the policy issues facing cryptocurrencies like Bitcoin.
https://coincenter.org
Quotes:
Bitcoin is the world's first globally accessible public money.
Is it perfect no. Neither was email when it was invented in 1972.
The mere fact that it works without trusted intermediaries, is amazing.
It’s a computer science breakthrough. And it will be as significant for freedom, prosperity and human flourishing as the birth of the internet. And Bitcoin is just the beginning.
He went on to detail multiple large scale frauds perpetrated on the public from Swift hacks to credit card frauds. He was mightily Bullish on Bitcoin and Blockchain to say the least.
In my opinion this is one hearing to pay attention to if you have any concern over the current state of the market and U.S. regulators understanding of this evolving space.
MEMBER STATEMENTS
Chairman Mike Crapo (R - ID)
Statement: https://www.banking.senate.gov/download/crapo-statement-10-11-18 -PDFRanking Member Sherrod Brown (D - OH)
Statement: https://www.banking.senate.gov/download/brown-statement-10-11-18 -PDF
WITNESSES
Dr. Nouriel Roubini
Testimony: https://www.banking.senate.gov/download/roubini-testimony-10-11-18 -PDFMr. Peter Van Valkenburgh
Director Of Research Coin Center
Testimony: https://www.banking.senate.gov/download/van-valkenburg-testimony-10-11-18 -PDF
SENATORS IN ATTENDANCE AT ONE POINT OR ANOTHER: https://www.banking.senate.gov//
Sherrod Brown U.S. Senator (Class 1)[D] Ohio
https://www.c-span.org/person/?5051
Mike Crapo U.S. Senator (Class 3)[R] Idaho
https://www.c-span.org/person/?26440
Doug Jones U.S. Senator (Class 2)[D] Alabama
https://www.c-span.org/person/?1023023
John Neely Kennedy U.S. Senator[R] Louisiana
https://www.c-span.org/person/?1011723
Catherine Cortez Masto U.S. Senator (Class 3)[D] Nevada
https://www.c-span.org/person/?105698
Pat Toomey U.S. Senator (Class 3) [R] Pennsylvania
https://www.c-span.org/person/?7958
Chris Van Hollen U.S. Senator[D] Maryland
https://www.c-span.org/person/?20756
Elizabeth Warren U.S. Senator (Class 1)[D] Massachusetts
https://www.c-span.org/person/?1023023
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