SEC Chairman Jay Clayton stated at the beginning of the hearing that he and J. Christopher Giancarlo, Chairman of the United States CFTC, were ‘supportive of regulatory and policy efforts to bring clarity and fairness to this space’–a remark that Reuters referred to as “the strongest indication yet that federal authorities are mulling new laws to scrutinize virtual currency trading and investing.”
Additionally, in response to Idaho Senator Michael Crapo’s question about whether or not they believe that a single regulatory body should be formed for the cryptocurrency industry, both of the Chairmen said that they believed that the introduction of new legislation could be necessary in the future.
However, neither of the Chairmen gave much indication that any possible regulations would aim to choke or stamp out crypto–to varying degrees, both seemed to show genuine interest in the blockchain space and the possibilities that the technology could bring to the US government and economy. Regulatory concerns expressed by both of the Chairmen were pinpointed toward clamping down on fraudulent activity.
In his opening remarks, Clayton noted that there is a definite need for crypto regulation in order to protect consumers. The chairman acknowledged that a great deal of the ICOs being conducted in the token space today are outside of the law, and not because the law is unclear.
Source: Finance Magnates
Trader Bozhidar Arabadzhiev
Original post: United States SEC and CFTC Chairmen Both in Favor of Crypto Regulation
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