US Lawmakers See Value in Blockchain Tech and Cryptocurrencies
Tuesday, US lawmakers pressed the 2 Top US securities regulators on cryptocurrency, and now the approach is ‘do no harm’ to the digital currency market, and monitor the ICO market.
With that, a new Rally lit up
Currently, Bitcoin is trading at: 7,549.9951, +1,578.52, or +26.43%, as of 5:45a GMT, the market is open
The takeaway from the hearing: US regulators see the transformative potential within blockchain technology and cryptocurrency. But they see a nascent market in need of more observation.
Jay Clayton, the Chaairman of the Securities and Exchange Commission, and J. Christopher Giancarlo, the Chairman of the Commodity Futures Trading Commission, addressed members of the Senate Banking, Housing, and Urban Affairs committee on the topic of bitcoin, blockchain technology, and cryptocurrency, and the committee then gave the market what it wanted; ‘we’ve got this don’t worry.’
The cryptocurrency community reacted positively to what it heard Tuesday and a new rally began.
Messers Clayton and Giancarlo praised the underlying technology behind cryptocurrencies — blockchain, and the impact the technology will have on Wall Street. Giancarlo, whose agency gave the Green Light on Bitcoin futures in December, noting that cryptocurrencies have ushered in a “paradigm shift.”
From Chairman Giancarlo:”I believe that ‘do no harm’ is the right overarching approach for distributed ledger technology. With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity.”
The total size of the cryptocurrency market is less than 1% of the legacy financial system,. Shayne and I see a huge opportunity in take the infrastructure that exists in the legacy market and to update it into the crypto era.
Which we have done with GBIT X, now in beta testing for a live open on St. Valentine’s Day, 14 February.
Bitcoin has seen a rough start to Y 2018, hit by fears of a regulatory crackdown in Asia, India, UK and US.
The market for digital currency has been pared of more than $480-B of value since hitting an all-time high above $800-B in early January 2018.