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The outcome of today's US Senate hearing on Bitcoin

A US Senate hearing today has announced that new legislation aimed at restricting, or at least further regulating, cryptocurrencies may be in the works. It was revealed over the course of the hearing that many higher-ups in different government sectors believed that the current “patchwork” of rules that surround cryptocurrencies to not be sufficient. There were queries brought up about the instability of the large, uncontrolled market and the negative repercussions that may ensue in the future if a financial disaster were to occur. Further questions were also raised about the danger of hackers and scam artists using faux-cryptocurrencies to lure in potential amateur investors. Officials made retaliatory statements referring to how it was of the utmost importance to protecting US citizens from these kinds of fraud.
Comments were also made that the “new, evolving and international,” form of cryptocurrencies made it unpredictable in the wilds of the global market. It was stressed that there was to be a balance that needed to be maintained between supporting free trade whilst also managing potential risk to those invested in Bitcoin and other similar entities. It was made clear that young investors and entrepreneurs would not be stifled in their efforts to break into the potentially prosperous world of cryptocurrencies.
Jay Clayton, chairman of the U.S. Securities and Exchange Commission, was quoted saying:
“I can’t give a definitive answer,”
When asked about the reality of government-imposed sanctions, market-barriers or protective measures being put in place. It looks as if the future for cryptocurrencies as a whole has not yet been definitively decided in the eyes of the US Government.
No definitive action was decided upon, drawn up or enacted from today’s hearing. However, we may be hearing much more about regulations for the digital currency to come to the United States in the future.

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