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The hearing was actually quite good and very positive! It looks like the SEC and the CFTC are also concerned that big banks are manipulating the cryptocurrency market. They haven't been able to do anything about it, but they do have a watch list and are recording everything they have been doing. "I'm makin' a list, checkin' it twice, gonna find out who's naughty or nice, SEC wants to come to town..." But really, overall, sounds really good and that they are in favor of economic growth, more innovation in technology, more education, less fraud, less market manipulation as well.

“Simply said, we should embrace the pursuit of technological advancement, as well as new and innovative techniques for capital raising, but not at the expense of the principles undermining our well-founded and proven approach to protecting investors and markets.”
Clayton (SEC Chairman)

Clayton and Giancarlo really did a good job trying to defend the blockchain and the cryptocurrency market. I must admit that there were some points during the hearing that I was yelling back at the TV because of how ignorant some senators were. Their failure to understand the significance of this revolutionary technology, made me very upset. The pure utter ignorance that was coming out of their mouth was very disturbing. I really felt bad for Clayton and Giancarlo, who were questioned by stupidity. Watching them, I almost hear their thoughts saying "These guys are idiots. How did these people get elected? Why do I have to answer to this guy?"

Senator Warren "How many of those companies registered their ICOs with the SEC?"
Chairman Clayton "Not one."
Senator Warren "And how many companies today have register upcoming ICOs"
Chairman Clayton "Not one."

Seriously Senator Warren!?!? Do you know how long it takes to register, or much money, time, attorney fees, paperwork, regulations and brain juice you have to go through in order to register with the SEC. International companies offering an ICO will not have the appropriate funds to register with the SEC. They need money that's why they do an ICO. To register an ICO takes a very long time and a lot of work. Why bother registering when you can exclude certain countries and still make all the money you need.

In order to fix ICOs, make registering with the SEC or CFTC free or cheap and loosen the regulations for cryptocurrency icos. Make the approval process fast and precise then more companies will register their ICOs and open the market to US Investors. With the added security of the SEC policing the ICOs, there will be less scams, companies will be held accountable, investors will be happier and the market will be less volatile. But in order to move forward the SEC house needs to be in order first.

Regulations are coming but, it will not be here any time soon, the market will continue on as it has been. In truth, the SEC actually does not have the man power nor the government funds to start policing the crypto market, in fact they are severely suffering from budget cuts.

So, going forward, the United States can breathe a little easier for now. However, be responsible in your endeavors. Choose projects that are good, innovative, able solve real problems, and have a great team. Do your research and choose projects that will succeed.

But seriously Clayton and Giancarlo did a great job defending cryptocurrency and blockchain, instead of butchering it and knocking it down. Kudos!!!

Remember to research before investing and do not invest with scared money. This is not financial advice but educated speculation.

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