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February 6th – A Big Day For Cryptocurrencies

Samantha Mitchell

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The Senate banking committee is set to hold a meeting on the 6th of February 2018, where they will discuss the regulations over the Cryptocurrencies. In that meeting, the heads of both the US Securities and Exchange Commission {SEC} and the Commodity Futures Trading Commission {CFTC} will give their testimonies in regards to the operations of the virtual currencies.

The Main Agenda

SECBarely a week ago, reports emerged that J. Christopher Giancarlo, who is the head of CFTC and Jay Clayton; the SEC’s head will be the main witnesses in a planned meeting to discuss if regulating Cryptocurrencies is the best move.

They will mainly discuss the oversight roles that are taken by their commissions in regards to the operations of Cryptocurrencies. The agenda for that hearing is Virtual Currencies: The Oversight Role of the CFTC and the SEC.

 

CFTCThis move has been seen at a time when the two organizations have heightened their activities involving the Cryptocurrency. Rumors have also emerged of SEC filing several lawsuits against certain ICOs. On the other hand, CFTC has also been reported to scrutinize the operations of Tether, Bitfinex, and a number of other established virtual currencies.

Green Light or More Regulations for Crypto Traders?

While a divide of the consumers in this market believe that the planned regulations are the right thing to do, some think they will prevent the crypto market from improving. Controlling the operations of the Cryptocurrencies, which is the main reason for regulating them, might assist in lowering the volatility that they currently face. The head of Finance ministry in India is the latest to comment about the operations of Cryptocurrency in the Asian region. Arun Jaitley, who is the Finance Minister, said that most virtual coins like Bitcoins are not legal tenders and they will execute measures once the experts have concluded their reports.

Not far from India, South Korea has legalized Cryptocurrency trade, though the traders are expected to create real name accounts for them to transact their businesses. China, on the other hand, has blocked all the sites, foreign and domestic platforms that transact both the Cryptocurrency trading and the Initial Coin Offerings.

In the United States of America, there haven’t been clear regulations that pertain to the operations of Cryptocurrencies. This meeting is expected to create a platform where the matter will be fully tackled. Most governments all over the globe have come out to make their stance on virtual currencies crystal clear. It is now the opportunity for the US through these two agencies to give more clarity to those who are interested in venturing into this market.

What Would be the Effect?

This meeting will only create an impact in the Cryptocurrency market if it states out some clarity. Two things are possible; it could either turn out to be bullish or bearish. Institutional investors have their hands tied if there is no clear set of rules in this field. There is very little that they can be able to do. Clarity will also provide the investors with a green signal to invest in this market.

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