Focus is on unregistered Initial Coin Offerings, bad actors.
CFTC – Policy must evolve in responsible ways to grow the economy and increase prosperity.
SEC -Optimistic re developments in financial technology; should embrace the technology while protecting investors.
CFTC overview labels Bitcoin a “Store of Value”.
CFTC cite role of Millennials in shaping the digital economy.
Watch the Video Commentary to “SEC and CFTC Make Case for Rational Regulation at Senate Crypto Hearings”
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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.
SEC & CFTC to testify in Congress today re #cryptocurrencies. Will they:
— Smaulgld (@Smaulgld) February 6, 2018
US: SEC, CFTC Cryptocurrency Meeting Continues Existing Regulatory Narrative https://t.co/jsJxLTu9Jm via @Cointelegraph
— Smaulgld (@Smaulgld) February 6, 2018
which will encourage the normal stock jockey to invest
— Smaulgld (@Smaulgld) February 6, 2018
"SEC and CFTC" Live: Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission https://t.co/mcDRUXlSin #bitcoin #Litecoin #ethereum
— Smaulgld (@Smaulgld) February 6, 2018
Cryptocurrency- why is there volatility in #bitcoin https://t.co/mcDRUXlSin
— Smaulgld (@Smaulgld) February 6, 2018
CFTC to Take 'Do No Harm' Approach on Crypto Regulation https://t.co/Dh94sYeTKL via @CoinDesk
— Smaulgld (@Smaulgld) February 6, 2018
Sen. Menedez concerned that digital currencies by venezuela and russia may be used to evade sanctions- and (mindlessly) asks the SEC and CFTC if they can do anything about it LOL
— Smaulgld (@Smaulgld) February 6, 2018
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— Smaulgld (@Smaulgld) February 6, 2018
Senator asking the CFTC why not MORE crypto products other than just the bitcoin futures product? He reasons won't that help with price discovery
— Smaulgld (@Smaulgld) February 6, 2018
CFTC rep says they are working to add more products
— Smaulgld (@Smaulgld) February 6, 2018
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
— Smaulgld (@Smaulgld) February 6, 2018
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— Smaulgld (@Smaulgld) February 6, 2018
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
— Smaulgld (@Smaulgld) February 6, 2018
Senator Shelby asking about the stock market collapsing- good day for a crypto hearing as it highlights ALL assets go up and down, not just cryptos
— Smaulgld (@Smaulgld) February 6, 2018
Not at all and the SEC and CFTC are taking the view that they will look at cryptos re fraud and general regulation- but not to make any "policy" for or against them
— Smaulgld (@Smaulgld) February 6, 2018
actually the regs they want refer to ICO claims and promotion. The CFTC guy promoted the use of distributed ledger technology
— Smaulgld (@Smaulgld) February 6, 2018
Dizzy Miss Lizzy Warren asking about ICOs' says some are legit and others are Ponzi scheme. She is concerned and cites FB banning ads for these deceptive and misleading ads
— Smaulgld (@Smaulgld) February 6, 2018
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.
— Smaulgld (@Smaulgld) February 6, 2018
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
— Smaulgld (@Smaulgld) February 6, 2018
disagree- take a look at the definition of security – Bitcoin is not, most ICO's are
— Smaulgld (@Smaulgld) February 6, 2018
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— Smaulgld (@Smaulgld) February 6, 2018
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— Smaulgld (@Smaulgld) February 6, 2018
CFTC Chairman Giancarlo says don't dismiss bitcoin for blockchain.
"Its important to remember that if there was no bitcoin, there would be no blockchain or distributed ledger technology."
— Joseph Young (@iamjosephyoung) February 6, 2018
WRITTEN TESTIMONY OF
J. CHRISTOPHER GIANCARLO
CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION
BEFORE THE
SENATE BANKING COMMITTEE
WASHINGTON, D.C.
FEBRUARY 6, 2018https://t.co/3LwjvIoDhk— Smaulgld (@Smaulgld) February 6, 2018
not going away- do no harm
Crypto-Hearing Post-Mortem: Bitcoin Gains On Regulators' "Balanced, Not Dismissive" Approach | Zero Hedge https://t.co/O5OtWsHs62
— Smaulgld (@Smaulgld) February 6, 2018
Head of BIS calls for clampdown on #bitcoin https://t.co/heEAyDDqh0
— Smaulgld (@Smaulgld) February 7, 2018
Gab sec compliant
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Sign Up For Smaulgld.com Updates Here!
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Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange
Donate To Smaulgld.com via paypal
You can compare pricing and shipping charges on American Gold Eagles coins of all sizes at these web sites:
BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange
Compare American Silver Eagles for sale at:
BGASC.com
Golden Eagle Coins
SD Bullion
Money Metals Exchange
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