The Commodity Futures Trading Commission (CFTC)'s Technology Advisory Committee met once again on Wednesday to discuss issues surrounding Cryptocurrency, ICO's, and regulation of Blockchain technology.
As planned, the meeting consisted of influential policy makers and leaders from both the public and private sector.
Topics discussed included issues related to markets and challenges around oversight coupled with banter regarding the regulation of new technologies and the role of regulators as it relates to intervention into the development of said Blockchain technologies.
This was the scary part.
The GOOD news is....
It seems that a government appointed regulator finally seems to have some sense.....
Brian Quintenz was quoted as saying: "The CFTC should not attempt to make value judgments about which new products are worthwhile and which are not – the markets, investors, and consumers need to decide that for themselves."
Fortunately, based on this statement it can be concluded tht the CFTC will focus their enforcement and regulatory energies on issues including but not limited to: registration of ICO's, compliance with KYC and applicable AML laws, as well as Investor protection efforts focused on scams and fraudulent projects.
It's refreshing to think that they will opt to leave some degree of caveat emptor embedded into the dynamic of Cryptocurrency markets by choosing to focus government oversight efforts on legal issues rather than trying to be some sort of Blockchain investment committee. Quintenz urged investors to do their homework. Good Advice.
In other BIG NEWS... The committee approved the creation of two subcommittees, with one devoted to Cryptocurrencies and the other devoted to understanding the broader application of distributed ledgers..more specifically their use in the the financial services space.
It would seem that as planned, Congress will give Financial Industry Regulators carte-blanche to extend their long arm into the realm of Cryptocurrency and Blockchain technology. As such, I expect investor confidence to improve, and mainstream adoption to follow as a result.
I do believe whole-heartedly that the FUD will get worse before it gets better, however I believe that recent developments related to the CFTC oversight in Cryptocurrency will be viewed as positive by the market as a whole. If nothing else it will be confidence inspiring to no-coiners interested in gaining exposure to the space.
Government intervention in anything is rarely cause for celebration...nevertheless I think this one will help us drive higher. #HODL
Cryptocurrencies put governments in such hilarious binds. They can’t try to discredit crypto because when it compares to the government/banking model we currently have set up on a global scale, the results are completely night and day. Also, they can never ever regulate crypto itself. As long as, in particular, the US government continues to not just inflate, but attempt to murder the US Dollar, Crypto will always have value in its storability, because when done so correctly, the government will never be able to stop you from converting money into crypto, nor will they ever be able to touch your crypto. Oh and it’s highly transferable to anyone you want on an anonymous level? Yeah, that’s gonna have some value, friends.
thats great
This is great news
A sign that the US government is finally realizing that the blockchain industry isn't just going to disappear because they ignore it.
Its a very good new we will be able to find the real use of crypto
It will be interesting to see what the government will do, the reality is crypto is a technology that no gov can stop...
This comment has received a 1.49 % upvote from @speedvoter thanks to: @suffragator.
Good news,
hopefully this news makes all cryptocurrency to the moon
Yes I agree that is really great news, thanks for the update.
Beautiful post.
Really great news nice post thanks for sharing sir...resteemed
very grateful congratulations
I wait for the good news, hopefully I am one of the lucky ones
it is more to say that good information, it continues with good contributions :)
The sooner the better so banks will quit closing accounts just because someone decided to sell off a part of their investment.
very very good news
it is more to state that great data, it proceeds with great commitments
Thanks for the information contained in this post. Here are some updates for you too.
Australia’s largest bank has banned its customers from buying cryptocurrencies like bitcoin using its credit cards, starting today. Citing a lack of regulation and high volatility of cryptocurrencies, the Commonwealth Bank of Australia (CBA) has discontinued credit card purchases of cryptocurrencies.
Here is a link u might want a look yourself.
http://cryptoyuan.com/?gclid=Cj0KCQiA2Y_UBRCGARIsALglqQ39WbiTm8EdDxSnf4qKAV8j8HzCUvvfIHe0jly5D0XxGYnbmkJArc4aAkLMEALw_wcB
Very interesting!, thanks!
thats good that the markets ,consumers and investors are allowed to work independently
I have free bitcoin
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STOPI believe the Gov is dazed and confused.
CFTC considers crypto a commodity.
SEC thinks it should be classified as a security.
IRS wants to tax it as an asset (property)
It seems that they all have a commonality of purpose... that being... to stick their greedy fingers into the pie.
Hello Guys how are you all ! Am new on steemit so like , comment and vote please , Am very happy to join this network help me to get more followers and votes i also do follow back comment and vote you ! Thanks lovely Guys.
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Have a good day.