So the SEC had a hearing on cryptocurrencies today and spoke about how they will deal with them. I haven't looked to see how the media is spinning this, but I did actually watch the hearing. I have to say I agree with everything that they said. They are going to treat all ICO's as securities and they will be subject to securities law and fall under their jurisdiction. I have always said this and agree with it fully.
Several of the members spoke about bitcoin and cryptocurrencies as disruptive technology and how they don't want to interfere with that. Their main aim is to protect consumers. They don't want to see someone put their life savings into bitcoin at 20k and have it fall to 6k on them. I agree fully and don't want to see that happen either. I had a buddy lose a lot of money on Tron and I feel quite bad he made a decision to go in so heavy. It is ill advised.
My favorite tokens, Bitcoin, Litecoin, and Steem, were not ICO's, and are therefore not subject to SEC law. They are simply technologies we are taking part in, and the recent dip hasn't shaken my conviction in this technology one bit. This is an opportunity, we might not be at the bottom, but I'm a buyer here and lower. We will rise again!
Perhaps people shouldnt be investing in things they dont understand. Not sure pointing a gun at them or others really will help society.
Thank you for your analysis.
I don't think it's a bubble.
I'll buy more bitcoins.
Good luck
Right!
There is some shady shit going on. ICO's and those lending platforms. As long as I can still turn steem into cash I don't really care, it just seems legislation is pretty heavy handed in other parts of the world
Thanks for the heads up! I hadn't heard about the hearing yet... Good to know.
Today it fell, then rose. What goes down will come back!
Blaze it!
i overall think the hearing went really well
I have a feeling ICO's that already happenned are going to be kind of grandfathered in in the sense they won't retroactively crack down on them since it was kind of a grey area.
Moving forward however I think ICO's are pretty much done for anyone who's not an accredited investor.
Overall I felt things were fairly positive and better than expected
depends what they do...
Thanks for the info i didn't catch the hearing myself, it seems like a good idea to intervene with ICO's they seem ten a penny these days and could easily turn out to be scams, this will at least slow them down it seems.