Yes, this meeting could have been so much worse for the crypto space, but the impression I got is that there are an awful lot of people, at the highest levels who don't have a clue what it actually is, how it works, and the disruptive power it's already showing.
There are obviously a few who do understand blockchain tech, it's current and potential applications. But wait until a blockchain business takes down an established player in a major industry - and they're not regulating it. Then they'll pay attention.
For the moment, the regulators are being kept at bay because they've not figured out what they're dealing with. And the ones who do know...are probably profiting from it.
If the market is starting to recover, I don't think it'll go straight back up. There'll be some wild swings, and with the greater awareness of cryptos now, some big money could arrive to take the profits of the next wave upwards.
That is true for most of these hearings. The politicians tend to not to have any idea about what is going on...I noticed this when they interview the Fed Chair...some of the question show they are totally ignorant.
Most just want to grandstand.