The SEC, 2/6 - Basic Overview, RE: Crypto / Blockchain & WHY IT'S OPTMISTIC

Topic: Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission

In my own opinion, this hearing shed some* light on crypto and blockchain in terms of ongoing SEC concerns. Surprisingly enough, I am feeling optimistic after watching it.

Basic Overview

Systemic Risk - "Is anyone looking at the long term effects? ... This is eerily reminiscent of the late 90's ... [it] then, of course, exploded."
- Only answer they had: "We have to watch it and watch it carefully."
- Optimism: Comparing blockchain to a technological revolution, which many of us expect it to be as well

ICO Scams and Crime
- Essentially, they brought up ICO's and wanting to regulate them, and the ongoing security debate (translation: 'wut iz this crypto stuff anyway')
  - Optimism: They mention not wanting people to get scammed like they did in the 90's. Fair enough; I think we can all agree we don't want to get scammed on an ICO.

Answer: “The SEC doesn’t have the information to regulate this"
More and more ICO's are excluding the US from participation or requiring accredited investors only, so if you're risking an ICO, you should always look at your eligibility (**Step 1**)
Untraceable crimes: Money Laundering, Terrorism, aided by crypto
- Solution: WORLD PEACE.... (kidding) no solution on that in this discussion
BASICALLY, they mentioned needing more resources (aside from a recent scrambling "task force") -- so we can expect more TBD info regarding all of their unanswered concerns

SEC mention: "20 trillion dollar market by 2020"
- Optimism: They are aware of potential / opportunity

They mentioned the value of blockchain regarding better privacy and data solutions
- Optimism: Again, they see the potential, and there are so many more potentially world-changing projects in this space for industries across the board
  - I appreciate that they mentioned this instead of solely using this hearing for "digital currencies"

So yeah:

I think the optimism in the technology is a good indicator that blockchain is here to stay (woo) and that is comforting in the midst of countries instilling FUD with potential bans.

Funny Questions/Comments

Does it go straight up or down or what? ...

AND

Someone actually used the term "HODL".

Again, this is my personal opinion -- zero financial advice. Of course I am biased, I hold crypto, support blockchain projects, etc etc. Open to comments!!