Tag Archives: US Government

US Regulators Talk Bitcoin’s Generational Impact

As cryptocurrency evolves, so does its relationship with government. While lawmakers in some countries seek to suppress a financial force they don’t understand, in the U.S., the reverse appears to have started to take hold, indicating an opportunity is at hand for a dialog between the industry and lawmakers. In a Senate Banking Committee hearing this month on virtual currencies, the chairmen of the Securities and Exchange Commission and Commodity Futures Trading Commission asked Congress to consider expanding federal oversight over bitcoin. But they emphasized consumer protection without a heavy-handed ban on development of cryptocurrencies. In response, the jump in bitcoin’s price marked a gain of more than $2,000 in just over a day. Shortly before last week’s hearing, bitcoin fell below $6,000 to $5,947.40, its lowest since Nov. 13, amid a plunge in U.S. stocks. Many observers held their breath as the committee hearing began, expecting calls for a government clampdown on cryptocurrency trading. But instead of fear, cryptocurrency investors reacted with glee. The day brought a 26 percent recovery to bitcoin, while Ethereum managed to achieve a 30 percent return. Altogether, the cryptocurrency market cap surged by $89 billion, a 24-hour increase of 29%. Bitcoin has since been inching upward, currently hovering around $9,000.

Reference: https://www.ccn.com/us-regulators-talk-bitcoins-generational-impact/