Some notes from the SEC meeting
Hello Steemit Community!
Today there a SEC meeting regarding cryptocurrencies:
https://www.banking.senate.gov/public/index.cfm/2018/2/virtual-currencies-the-oversight-role-of-the-u-s-securities-and-exchange-commission-and-the-u-s-commodity-futures-trading-commission
Overall was a pretty good discussion and they recognize this is a new disruptive techology and market and it needs regulations in order to protect people from scams.
You can check some news articles about it:
http://247wallst.com/investing/2018/02/06/sec-cftc-warn-of-fraud-in-cryptocurrency-markets/
Here is the quotes and points i liked the most:
Mr. Warner - Vice Chair of the Senate Intelligence Committee
"The underlying blockchain technology cannot be separated from Cryptocurrencies. I Expect 20 Trillion dollar market cap in the future. Reminds me of getting into cellphone business in 1980s"
“We may be on top of something that is transformational, and I don’t think you can separate the underlying distributed ledger, or blockchain, from some of these CRYPTOASSETS.”
Hon. J. Christopher Giancarlo - CFTC Chairman
"If you go to the Twitter universe, you'll see HODL, which means hold on for dear life."
“We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”
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(RESPECT THE HUSTLE 😊 )
https://teespring.com/hold-on-dear-life
https://teespring.com/hold-on-dear-life_eu
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This is a huge realization on the part of the regulatory establishment. A lot of banksters thought they could rip out the tech and re-purpose it for their own use, but they didn't realize that you can't run a secure blockchain without a an incentive token!!
Exactly, blockchain needs incentive so people can use it and secure it, there is still alot of lack of knowledge about the market and the technology in this kind of people but i see alot of good points that is basically the core and the concept of this new disruptive technology
...and there it is. Let the games begin! A friendly regulatory environment from the West will set the stage.
Of course, geopolitically speaking money is of the utmost important for the survival of any empire/regime so will be interesting to see how others around the world respond. Still have a long way to go, but the fact that they've come out with reason and logic in their statements says a lot. Once the majors are done accumulating, I suspect regulatory requirements are released.
Yeah they show some kind of knowledge and recognition of the potential of the market and they can earn alot in taxes, USA usually sets the tone so i believe with good regulations we can see a more global consesus and a safe environment.
the shirt just says "Hold on dear life" loool! I am watching it currently waiting for the spacex launch. Them predicting a 20 trillion dollar market cap is good to hear to me though!
The most sold tshirts has simple phrases and elements :D Yeah overall they understand the potential of the market and the blockchain technology but is important to regulate it to create a safe environment for investing and prevent scams and ponzi schemes
ya maybe they will get it to where US citizens can invest in ICO's again. that would be crazy in what they call the freest country on earth. I always planned on paying my taxes, I am fine with regulations as long as they arent overbearing, but lets face it the US hardly every does any regulating that doesnt become overbearing lol
yeah good point, regulations is a must but can't be too rought because can sufocate the market and development of this technology, i think USA will have a positive approach to innovation
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STOPThanks for the post, whenever I hear SEC and cryptocurrencies in the same sentence I hold my breath. I wanted to thank you for upvoting the contest I am having for minnows to get one (or more) free memberships to steem basic income. Keep up the great work, I am very appreciative @johnycrypto!
Is a talk nobody wants to have but is needed in over to have mainstream adoption but is very good news from them ;)
No need to thank me, thank you that started the initiative ;)
Keep up the good work