The Securities and Exchange Commission (SEC)and Commodities and Futures Trading Commission (CFTC) representatives testified yesterday evening (Europe time) in front of the Senate Banking Committee. The testimony was pre-released already earlier on banking.senate.gov and recapped by bitcoin.com.
SEC chief Jay Clayton. Image from bitcoin.com
The whole testimony is probably not very interesting for most of the readers, but it definitely was not as negative as many expected. Key takeaways were:
- SEC wants to crackdown on fraudulent ICOs
- both SEC and CFTC stated that crypto markets in the US require a coordinated regulatory scheme, and that the feds may need more power to enforce the rules
- no China style crackdown planned
“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one,” said Giancarlo, chairman of the Commodity Futures Trading Commission. Giancarlo admitted, that without Bitcoin, there would be no distributed ledger technology.
Via fortune.com
So there is no reason to worry for blockchain bulls - the regulations were bound to happen and once it's all done and dusted, maybe we can move on to proper crypto trading. After the hearing, Bitcoin managed to squeeze out a short relief rally, rising as high as 7880, from it's low point of 6000.
Read a short report of the hearing at fortune.com
BITSHARES
On February 2nd, Weiss Ratings Agency, the same one, that created a furore with publishing it's cryptocurrency reviews and leaving Bitcoin with a C+, has upgraded Bitshares' rating to B- from C+, effectively lifting into the top 6 cryptos out there.
The top 6 in Weiss Ratings are currently held by Cardano, EOS, Ethereum, NEO, Steem (of course) and Bitshares. No cryptocurrency currently holds an A rating.
Visit Weiss Ratings here https://www.weissratings.com/. The original Report is behind a paywall, but the recaps and reviews are freely available on the internet.
Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.
Title image from pixabay
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BuildTeam
This is great news and am glad to see it getting some well needed exposure!
Thanks a lot for this quality writing and update on very important news for our cryptocurrency world now, again, on the uprise.
All for one and one for all! Namaste :)
Thanks for the feedback. I try to write, in layman terms, about the things that i find important and that i'm interested in myself, in the hopes that some of them have some significance for others too. Thanks again and cheers!
Hey dude, what's up? I like how you wrap up the article. Clean and smooth!
@furious-one
All seems fairly positive it seems, ICO's have always been a bit risky and I guess they have a point, the conversation seemed fair and balanced and they showed some resolve in understanding the value that crypto/blockchain has to offer.
The control factor however is what crypto was trying to move away from, but I guess some kind of compromise would be acceptable. lets hope it does not get out of hand and we end up back to complete regulation, which from what I could tell, was not the plan.
stay blessed.
Yes we have come a long way, the discussion was fair and balanced.
Haha, it's true, but nothing can escape the clutches of the government eventually, especially when hungry and powerful banksters are behind them :)
That is indeed true.
but as I said I suppose some compromise would definitely have to be considered if we are to get "real world" acceptance.
Quite frankly I think we were better of without anyone knowing about crypto (especially futures - messed us up), so we inadvertently shot ourselves in the foot by ranting and raving about it, so much so that your granny now too has crypto. lol
they are aware that they can not stop bitcoin. So they are thinking how they can integrate into the system
Personally I don't think these ratings are that valuable. This is a company with no prior experience in the field rating these projects right? It is also unclear which factors weigh the heaviest and why.
Well, but they have massive experience in comparing tech data and future prospects. They might not see all nuances, that is true, but in time their ratings are only going to get more accurate. And BTS and STEEM definitely belong to the top.
BTS worries me atm. I see giant H&S on the daily. You?
BTSBTC? Yeah, it's there.. but imo the chart lacks a porper form to do tech analysis on it.
On BTSUSD - we seem to be near the apex of a massive triangle/wedge and near the bottom of the chart, so basically up is the way i suggest we go.
If Arise sorts it's issues and somehting comes out of it, BTS will probably get a nice boost.
Maybe sanity will prevail :-)
So the SEC just want a crackdown on those fake ICOs? That's definitely a good thing, I don't want to see another bitconnect appearing again. But I don't like what he said about giving the FBI more power. It's just doesn't sit well with me. On the otherhand bitshares going from C+ to B- and joining the steem up there is definitely a cause for celebration. Overall the news are rather positive today. We certainly need more of this kind of news to uplift the market. Thank you and a pleasant day to you.
In this case, by asking for more power for the feds, he means "federal power" and probably his own SEC, which has the main responsibility for enforcing the federal securities laws, and maybe the CFTC as well.
Same to you and thanks for your comment.
I think weiss ratings kinda sucks, at least for cryptocurrency. They can't possibly review so many coins and keep them updated. They would need a huge team just for that. Anyway Im happy for the level up rating.
a nice share :)
👍👍👍👍
Upvote, a small reward for the bearer of good news!
Thanks!
Very relieving to crypto speculators and amateur investors.
It's a lunar trip for Steem
good news for traders
thanks..
it is very nice
I think we should be expecting the flood of money coming into crypto any day now.
Chainbb is not bad, thx for the info :) Have a nice day, man!