The Crypto Industry has been one of the first ones to show their reactions to the U.S senate remarks. One of the crucial matters that were addressed was in line with how lawmakers needed to view or think about cryptocurrecy regulation.
One of the persons in attendance said, “Widely anticipated due to its positioning amidst what has been one of the biggest industry bubbles, the event saw the heads of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) testify on a range of topics.”
The topics include regulatory concerns, price volatility and market oversight around the initial coin offerings (ICOs).The observers seemingly noticed the sophisticated and the measured nature of the dialogue.
An attorney for Washington, D.C Stephen Palley in a statement said that he was very much impressed with the level of knowledge that was showcased.
The industry has in the recent times been expanding pretty fast and that was the reason the Berger Singerman LLP partner Andrew Hinkes outlined that there was need to put a close eye on it.
He went further to attest to the fact that the regulation would be helpful during those instances when it provided useful guidance. The market observers have moved ahead to make a joint statement outlining that the hearing sparked great need on the regulatory front.
A close scrutiny at Clayton’s remarks revealed that there was great need for more vivid jurisdictional lines. There was a major coordination between Federal Reserve, SEC and CFTC and the one notable aspect is the fact that there is great need to take control of affairs at the federal level.
The ones that would be adversely affected would be the bitcoin exchanges that have for over quite a long period of time focused on setting up compliance programs under the umbrella of money services businesses.
Giancarlo has been praised by market analysts by pinpointing to the fact that if bitcoin did not exist then the distributed ledger technology wouldn’t be in existence as well. There was also quite a significant of senators that expressed almost similar sentiments.