eToro on #CryptoCongress: Laws Will Have Global Impact, Regs Need to Hear Global Perspectives

Two U.S. Congressional Hearings on Cryptocurrencies commenced on 18 July, 2018. Firstly, the House Committee on Financial Services held a live congressional hearing which started on 18 July in Washington, D.C. entitled “The Future of Money: Digital Currency”, followed by the House Agriculture Committee.

 

 

The House Committee on Financial Services released a memo prior to the hearing stating “This hearing will examine the extent to which the United States government should consider cryptocurrencies as money and the potential domestic and global uses for cryptocurrencies. The Subcommittee will evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash.”

 

The second U.S. Congressional Hearing on Cryptocurrencies was held by the House Agriculture Committee where the categorization of digital currencies as a new asset class was debated. 

 

Committee chairman Michael Conaway previously issued this statement. “This hearing will shed light on the promise of digital assets and the regulatory challenges facing this new asset class. Our committee has a deep interest in promoting strong markets for commodities of all types, including those emerging through new technology.”   

 

 

Guy Hirsch, US Managing Director of eToro, the world’s largest social trading platform believes today’s hearings are a great step in the right direction. “We encourage regulators to hear more from good actors and companies with an international presence since they would be valuable to this discussion in Congress. Cryptocurrencies are by design global assets and companies with global perspective are uniquely positioned to help regulators better understand the diverse regulatory approaches and best practices. Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter.”

 

Regarding the regulating of cyrptocurrencies, Hirsch commented, “Digital assets present unique challenges for regulators because they have properties that don’t apply to our current understanding of securities or commodities. While it makes sense to classify some tokens as securities, others are more accurately classified as currency or commodities, or perhaps a new asset class altogether. Our industry should provide education and support for regulators to define a framework that will lead to logical and growth-oriented classification of each crypto.”

 

Cryptocurrencies have been in a bear market during the first half of 2018, however, the news is becoming more positive of late and many experts are predicting we are headed towards a bull market.  Have you checked out the latest price predictions?  

 

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