After several days of heavy losses, bitcoin and its rival cryptocurrency units rallied strongly on Wednesday following some surprisingly optimistic comments from US regulators. SEC chief Jay Clayton left appeared reluctant to see past the question of value and concerns over fraud and criminality.
Christopher Giancarlo, his peer at the CFTC, however, was much more upbeat and defended the mining process - saying it represented value. He also defended the bitcoin futures market. Clayton focused on the practical use of digital currencies, saying volatility made transactions too difficult. But both remained concerned about unregulated cryptocurrency exchanges and called for a co-ordinated regulatory approach among the US states senate bitcoin hearing the main agencies - including the SEC and CFTC - to address consumers' needs.
Senator Mark Warner, on the Banking Committee, agreed: The tone at the Senate hearing was less zealous than many had expected, given the approach of regulators in South Korea and China, and - more recently - the new head of the Bank for International Settlements Augustin Carstens, who has also called for a clampdown on bitcoin.
Lukman Otunuga remained cautious on cryptos, however. He also offered some technical analysis. Complaints Procedure Senate bitcoin hearing Us. Markets Senate bitcoin hearing Commodities Indices Cryptocurrencies. Education Overview Courses Glossary Crypto. Log In Trade Now. Bitcoin rallies after US Senate hearing. Bitcoin futures applauded Christopher Giancarlo, his peer at the CFTC, however, was much more upbeat and defended the mining process - saying it represented value.
Regulatory co-ordination But both remained concerned about unregulated cryptocurrency exchanges and called senate bitcoin hearing a co-ordinated regulatory approach among the US states and the main agencies - including the SEC and CFTC - to address consumers' needs. Caution remains Lukman Otunuga remained cautious on cryptos, however.
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