US Officials appear to be looking at a possible change in cryptocurrency regulation again. They are bringing in the chairmen of the SEC and Commodity Futures Trading Commission to testify before a Congressional committee. Both the SEC and CFTC have grappled with cryptocurrencies in the recent months, from facing scams to launching bitcoin futures and attempting to keep customers aware of the dangers associated with cryptocurrencies like the extreme volatility. They are reporting on their findings from the last few months and what they are looking for in cryptocurrencies moving forward.
From the transcripts released by both SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo, both are looking to support the continued presence of cryptocurrencies with an expansion of oversight as well. Both regulators want to ensure that they are staying in front of this rapidly evolving market and protecting investors.
The oversight that is desired by the SEC and CFTC would need an act from Congress to be put in place. Both organizations are open to working with lawmakers on how to establish regulations. The regulations would most likely be aimed at exchanges and trading sites. Mr. Giancarlo has expressed a number of shortcomings from his perspective and Mr. Clayton has supported this movement. They fear that any problems from exchanges can jeopardize the integrity of the whole system and want a safe system free from fraud.
The information gained to this point is solely from the released testimonies and key revelations will be made during the Q&A portion of the hearing. It has been predicted that most of the hearing will be centered around how to handle ICOs and the futures being traded on the CME and CBOE. Their view on ICOs could make the capital raising solution obsolete if they come out against them. If they instead discuss the positives associated with ICOs, then it could open up a new door for companies to raise capital.
Update: At this time, the hearing has just recently finished. You can watch the full conversation over here on ZeroHedge.