The Tuesday’s Senate hearing has had the topic of cryptocurrency regulations. During it, the chairmen of two top US market regulatory agencies has stated the importance of blockchain and its link to Bitcoin.
The hearing was held by the Senate Committee of Banking, Housing and Urban Affairs in the US. Aside from cryptocurrencies, it touched a lot of topics regarding blockchain technology, initial coin offerings (ICOs), trading platforms, exchanges and exchange-traded funds (ETFs). Basically, there was nothing that wasn’t mentioned at the conference.
Right from the start, there was some concern about the fact that crypto exchanges are currently regulated at state level rather than the federal. Clayton and Giancarlo expressed concerns about that and said that this may change in the future.
According to Jay Clayton who is the chairman of the Securities and Exchange Commission (SEC), ICOs were more important topic of discussion. He said that ICOs should not be classified as a security under federal regulations.
The chairman Christopher Giancarlo, on the other hand, has won the hearts of all the Bitcoin enthusiasts out there with a couple of comments directed to the community. In the beginning, he made it certain that Bitcoin is linked to blockchain and told the committee that “it is important to remember that if there is no Bitcoin, there would be no blockchain”.
After hearing him out, the Chairman Clayton stated:
“We may be back with our friends from the U.S. Treasury and the Fed to ask for additional legislation.”
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"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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