If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it – Ronald Reagan
Overview of the Senate Cryptocurrency Hearings – February 6, 2017
Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission
The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission; and The Honorable J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission presented to the U.S. Senate and answered questions.
Menendez asking how can SEC provide investor protection re ICOs. SEC responds that if you are promoting securities you come under securities laws Menedez asks why haven't the SEC approve any crypto ETFs yet SEC say they need more comfort on price discovery before they approve
Senators and SEC and CFTC are showing NO interest in banning cryptocurrencies (other than those issued by Venezuela and Russia!), rather introducing new products and regulation on those products for consumer protection https://t.co/mcDRUXlSin#bitcoin#litecoin#ethereum
Concerned that companies like long Island ice tea and Kodak are using "Blockchain" to pump up their stocks. Sec says they have warned not to just change your name when you have no blockchain business plan
Senator complaining that when virtual currencies are stolen (or are dealing with an offshore entity) that there isnt much you can do to get your money back- SEC not much they can do about it, CFTC admits they have not power to do anything in these type of cases either
Dizzy Miss Lizzy Warren asks How can we make ICO's safe (again no push to ban anything). It is noted NO ICOs have been registered. Hint- they want ICO's to be registered – more fees for bankers and silicon valley. BTW ICOs if securities should be registered.
SEC guy says WE WANT ICO's – we want people to raise capital – But we want them to register them with us because ICOs ARE SECURITIES. SEC is happy for ICO's to exist if they are done as proper private placements. Dizzy Miss Lizzy Warren agrees
Takeaway on Senate Crypto hearings ICO's will be scrutinized-fewer to come to market SEC action vs some ICOs coming ICOS that come to market will be registered/"backed" by bankers, lawyers and big investors More money will come into the crypto space#bitcoin#litecoin#Ethereum
RealPolitik re Senate Crypto hearings: Unregistered ICOs can defraud investors Unregistered ICOs deny SEC of registration fees, securities lawyers of legal fees, bankers of promotion fees, accountants of accountancy fees, silicon valley investors of outsized gains
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