What was the SEC meeting was about? 🌞
In my humble opinion...
this is big, at least for the U.S.
Excerpt from Chairman of the CTFC address to the US senate pic.twitter.com/5gaEuAIMfN
— boxmining (@boxmining) February 6, 2018
The court case that boosted the market: what the heck was it about, and why does it matter?
The United States' Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) held a meeting to discuss cryptocurrency's role in the future. It's a big deal, and it overall went pretty well (hence the market uptick). Here are some key points:
- The quote that people can't stop talking about: "It's important to remember that if there were no bitcoin, there would be no distributed ledger technology." These were the words spoken by the CFTC's chairman, Christopher Giancarlo, who emphasized that the industry as a whole has an incredible future, but needs to be regulated to prevent serious fraud (and was clearly alluding to some past events that were less than honest).
- Exchanges may need to be regulated on the federal level, rather than the state.
- The SEC's chairman, Jay Clayton, says that every ICO he's seen has been a security and should be treaded as such (uh, we're not quite sure about that).
- It's going to be challenging to legally separate blockchain from Bitcoin, and this will prove to be difficult for lawmakers and traders in the future.
- The good news brought the price of Bitcoin up by $1,000, which was a much-needed relief from the beatdown this week has been providing.
Want to read the full hearing? Here it is.
Despite all of the international uneasiness around crypto's legalities, the market is bouncing back with a vengeance.
Just look at Singapore's Deputy Prime Minister, who says that there's no good reason to ban cryptocurrency trading – clearly, China hasn't gotten the message. It seems as though countries around the world are still gaining their footing regarding crypto legalities – even South Korean exchange Coinpia had to halt fiat deposits and trading operations because they didn't meet KYC requirements by the deadline set by the government. Most Korean crypto traders are also not so quick to adhere to the rules despite the recently-implemented regulations, with only 8% of anonymous accounts switching to their users' real names.
It seems that Bitcoin may have seen its price floor at $6,000, with the price increasing almost 25% in the past 24 hours. Finally, we're seeing the price back over $8,000; and we could watch the number soar if the circumstances are right. Ethereum's also in the green but has been experiencing the oh so familiar growing pains of popularity and scalability. Their Github page has been lively with debate, mostly concerning the frequent hacks and the proposal to regain the stolen funds. That being said, we're still bullish on ETH.
It's about damn time: Coinbase is finally integrating SegWit in the coming weeks. This should take some of the processing pressure off of Bitcoin. Phew.
Peter Thiel, one of tech's most beloved investors, stated yesterday that "Bitcoin is libertarian, AI is communist." We couldn't have said it better ourselves.
Job.com is moving to a blockchain-based platform, eliminating recruiters in the process.
Coin to Watch
We've been hearing rumblings of Ethereum (ETH) on Wall Street. Keep an eye out, everyone. Ripple may be dethroned as a finance favorite.