Much of the crypto and blockchain community were eager to hear about the results of the Senate hearing yesterday in the United States. Financial regulations and its regulators are often viewed as leaders on a global basis with one of the longest standing histories of financial overview and systematic oversight.
We were very glad to see that much of the commentary was deliberate and was not shooting from the hip. There was a clear appreciation for the concepts that were understood, the theories that were wrong and other crypto-elements that required some additional level of learning.
The top representatives of the SEC and CFTC were both present and discussed lucid concepts, while also recognizing the fact that there was a lot of learning to be had and the potential societal benefits of the blockchain were something that could not be ignored nor unduly impacted by the advent of ill-constructed regulation.
However, one thing was made clear. There would not be any tolerance for those that intentionally broke the law or acted in such a way as to intentional defraud or harm investors. It’s nothing new, but it’s a shot across the bow for those that do intend to break the law. This is a great outcome for the blockchain and ICO community, as responsible behavior allows for the maturation of such an important market.
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