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Hearing: Read

article leave SEC and CFTC before the Senate:

yesterday afternoon there was before the Banking Committee, the banking and Finance Committee of the U.S. Senate, a hearing on the subject of Kryptowährungen, ICOs, and Regulation of the market. Jay Clayton, Chairman of the SEC, and Christopher Giancarlo, Chairman of the CFTC were summoned. The result to which the two officials came, can be seen as reassuring for the crypto community overall.

Consultations with representatives from business, society and management are not uncommon in democratic systems. It’s less a pattern where the charged person for his actions to answer has become, but rather obtaining expert opinions to the suggestion of legislative initiatives. There are those hearings in smaller parliamentary rounds, as well as in committees in the Bundestag or other parliaments. So Jay Clayton and his counterpart, the commodity futures trading Commission (CFTC) Christopher Giancarlo appeared before the Banking Committee of the Senate done also last Tuesday, as the Chairman of the Securities and exchanges Commission (SEC).

Approximately one and a half hours the representatives of two major regulatory authorities before the representatives of the Congress on the subject expressed after a child adjustment Kryptowährungen, ICOs and desire. While both men pursued a similar approach, to find a regulatory approach that helps the crypto eco-system as a whole rather than to deprive him of his strength. Metaphorically formulated to the tender – growing if fast – trample the shoots Kryptowährungen not by excessive regulation, but rather the weeds weed trappings, which obstructed healthy and sustainable growth.

SEC Chairman Clayton underscore once again the opinion of an authority that Bitcoin and other Kryptowährungen despite the designation of currency, which they wear on their behalf, less than equivalent of Fiat currencies can be considered, but in the current Use must be considered securities. SEC interpretation it is Kryptowährungen so a new asset class that should be regulated much like the traditional financial market. At all connecting elements, about the Bitcoin futures launched in December of last year, a welcome instrument are to gain a regulatory handling.

“We owe it to the new generation, not to react, but a well-thought-out and pondering response with devaluation on their enthusiasm for virtual currencies”, as Christopher Giancarlo, whose own children according to him about Kryptowährungen with the Concept of financial markets in contact with had been. Like his children’s go millions of young people around the world, what do Kryptowährungen a kind of introduction to the global financial world. On this movement, you must rebuild, but also prevent that emerging new confidence will exploited by fraudsters and dubious projects. Specifically, the explosive increase in new ICOs are to think about both the SEC and the CFTC.

The bottom line is so no new ground-breaking knowledge. SEC and CFTC desire a stronger legislative competence to guide the development of the crypto market in the right direction. However both admit also, that a total control lie for their own purposes nor in the framework of its possibilities. Rather it is important to create a better awareness in the general population for crypto investments and the underlying Blockchain technology – it is hoped that this succeeded at least in the present senators.


about Tobias Schmidt

 Tobias Schmidt is Tobias Schmidt since August 2017 as editor in the BTC ECHO working team. His studies in the subject of politics and Economics at the University of Münster signed with a Bachelor’s degree and was also active during his studies at the Department as a student assistant. In addition, he gained professional experience in parliamentary work and in strategic communication, before joining in the journalistic trade. Since 2017 he deals with the Blockchain technology, whereby it focuses in particular on the many different application possibilities in politics, economy and society.

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