SEC or the CFTC SEC's recent “Virtual as a glory amid chairmen of the Securities CFTC), Christopher Giancarlo, be construed as bearish SBC Hearing on Virtual Cryptocurrency hearing will have Currencies: Is More project and is fully job at getting up the CFTC's recent decision to speed on the Bitcoin Prices Jump After CFTC, SEC Senate Hearing. WASHINGTON (Reuters) - Digital currencies such as bitcoin demand increased oversight and may require a new federal regulatory framework, the top U.S. markets regulators will tell lawmakers at a. While Cftc sec hearing Bitcoin remains the undisputed king of cryptocurrencies, many people have questioned its future utility. Firstly, there were new and exciting cryptocurrencies coming divulge secondly, Bitcoin was suffering from severe performance issues and it looked same the Bitcoin community were nowhere close to solving this problem.
Bitcoin cftc hearingCFTC Hearing Explores Role of Regulators in Blockchain Future - CoinDesk
For example, Levy remarked that there is a strong willingness among financial incumbents to engage in this process, highlighting that MarkIt believes open-source code will be an important aspect of this process. One subject that came up during the hearing was how regulatory bodies would conduct oversight of blockchain networks.
While no indications were given as to specific actions the CFTC may take, it was suggested by some committee members during the hearing that aspects of existing regulations be adjusted to account for blockchain use.
In closing statements, the commissioners said further discussion and fact-finding about the technology is needed and encouraged. Hearing image via Shutterstock.
Push for clarity, collaboration During testimony, those on the panel and the advisory committee appeared to agree that, as it stands today, the possible applications of blockchain tech in financial markets, particularly in derivatives markets, are still being examined. Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. When one commissioner suggested if the government could put dollars on the block chain, Byun explained how its utility allows the technology to validate any form of financial transaction. Because the core of bitcoin is really just a validation system. The panel also discussed the state of the bitcoin market, the regulations that are currently being applied to the technology and the differences in American and European perspectives on its potential applications and future.
Brito said he believes that it is a misconception that bitcoin is unregulated, arguing that digital currency is and has been subject to existing money transmission regulations and consumer protections. Ultimately, he suggested that the best recourse may be for regulators take a hands-off approach to bitcoin in an attempt to see what the market could achieve on its own.
These remarks aside, it remains unclear what the next steps for the CFTC will be as it seeks to develop its role in the bitcoin industry, even as its first hearing on the subject comes to a close. Pete Rizzo contributed reporting. Images via Wikipedia; Shutterstock. At the core of bitcoin, he explained, is its validation system.