Friday, 19 October, 2018

Bitcoin above US$8000 after regulators spare toughest reprisals

Bitcoin Recovers Ahead Of Senate Cryptocurrency Hearing SEC, CFTC Warn of Fraud in Cryptocurrency Markets
Ray Hunter | 09 February, 2018, 08:26

The fresh optimism in the market after chairperson of Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, addressed the Senate Banking committee while discussing cryptocurrencies, the need for its regulatory measures, ICOs, and other Bitcoin investment products like derivatives and exchange-traded funds (ETFs).

Clayton testified alongside Commodity Futures Trading Commission Chairman J. Christopher Giancarlo, as lawmakers pressed them on steps they are taking to regulate bitcoin and other cryptocurrencies.

"My remarks may be viewed by some as over simplistic, but they reflect how I present these issues to mainstream investors", Clayton said in his opening remark.

"Hackers may understand the technology better than market participants", Clayton said at the meeting.

Lawmakers at the hearing pressed regulators to take a closer look at cryptocurrencies and ICOs and to do more to protect consumers and investors. The markets have recovered sharply in the past 24-hours from yesterday's fall below $300 billion market cap, and Bitcoin slipping down way past $7000 and going nearly close to $6000 levels. Currently, the SEC and CFTC struggle to oversee cryptocurrency exchanges, which handle billions in trades daily and oversee hundreds of thousands of accounts.

"The system held, the system worked as it was created to do", he said. "Every ICO I've seen is a security", Clayton said.

ICOs are also likely to come under greater scrutiny, the SEC has already deemed tokens as securities subject to federal securities laws.

ACA enrollment reaches 11.8 million for 2018
Sign-ups through the federal exchange fell 8.2 percent here past year , down to 1.13 million from about 1.23 million in 2016. And the numbers have been closely watched every year as politicians have debated whether to roll back the law.

But Giancarlo struck a different tone by saying that Bitcoin and Blockchain are not so easily separated-a sign investors took as a positive.

Clayton just would prefer that companies conducting ICOs would follow the existing rules and not try to combine the benefits of a private placement with a general public solicitation and a promise to retail investors of a secondary market without registering it with the SEC.

"Personnel is my biggest challenge at the moment", he added.

"There is clearly no shortage of opinions on virtual currencies such as Bitcoin". "We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach", he kept explaining.

At the time of writing, a number of Senators including Michael Crapo of Idaho, Richard Shelby of Alabama, Jack Reed of Rhode Island, Elizabeth Warren of MA, and Joseph Donnelly of IN, among others, had directed their questions and observations to the duo. “As I have said many times, there are thousands and thousands of private placements that go on every year in the U.S., and we want them to go on.”.

Bitcoin recovered slightly and is now trading at around the $6,900 level but it is still down by 50 percent compared to the beginning of the year. Nvidia fell 0.3% and AMD 2.8% in early trading on the stock market today.

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