What happened during the senate hearing on 6th February about cryptocurrencies? Well, contrary to expectations, the hearing ended on an optimistic tone.
Let us go through details of what actually happened during the hearing.
Positive Tone at Cryptocurrency Hearing
During hearing in front of Senate Banking Committee, Christopher Giancarlo (Chairman of Commodity Futures Trading Commission, CFTC) and Jay Clayton (Chairman of Securities and Exchange Commission, SEC) gave an explanation about what would be the regulatory fate of cryptocurrencies in the near future.
To sum things up, whatever was discussed during the hearing was quite optimistic in comparison to what the outcome was expected to be.
The Open Hearing
Testimonies were traded by Giancarlo and Clayton about what needs to be regulated, what can possibly be regulated and how the regulations are to be enacted.
During the hearing they also shared their views about long term future of blockchain tech as well as about virtual currency markets.
— Chris Giancarlo (@giancarloCFTC) February 6, 2018
At the time of hearing, Clayton primarily focused on the concern of ICO frauds while Giancarlo appeared a lot more curious as well as enthusiastic about this emerging financial market.
About Intrinsic Value of Cryptocurrencies
When the question of intrinsic value of cryptocurrencies came up, Giancarlo was quite positive about value of Bitcoin and explained how mining works and the way it correlates with pricing.
However, Clayton had doubts about how useful cryptocurrencies can be as a normal currency and also cited concerns related to the way market volatilities make crypto transactions difficult.
Bitcoin Futures Market