Today in less than 3 hours from now there will be a very important hearing taking place on Capitol Hill in Washington DC where CFTC (Commodity Futures Trading Commission) and SEC (Securities and Exchange Commission) will have a discussion about cryptocurrencies with the Senate Banking Committee. Now keep in mind that these institutions are heavy criminals when it comes to gold and silver futures manipulations so I dont expect them to embrace cryptos.
But we will see what happens later today, this could definately affect the market in any direction depending on the outcome so you need to follow this.
Here is a pre statement from the head of SEC:
"As Chairman Giancarlo and I stated recently, we are open to exploring with Congress, as well as with our federal and state colleagues, whether increased federal regulation of cryptocurrency trading platforms is necessary or appropriate. We also are supportive of regulatory and policy efforts to bring clarity and fairness to this space."
It doesnt sound extremely negative to me, but who knows what will happen during the hearings. Of course I am against any kind of regulation, but this is the world we are living in at the moment so Im expecting more regulations.
Here is the source from Coindesk if you want to read more:
https://www.coindesk.com/cftc-sec-chairs-strike-open-tone-on-new-crypto-exchange-rules/
I actually heard this discussed on my local radio station. One of the guys on the show speculated that a little measured regulation could help crypto by giving cryptocurrencies some respectability in the eyes of traditional investors. Do you think there is any chance that fed involvement could help, or do you view any regulation as harmful?