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Title: Senate to spotlight virtual currencies as bitcoin plunges
Source: Business Insider
URL Source: http://www.businessinsider.com/r-se ... cies-as-bitcoin-plunges-2018-2
Published: Feb 5, 2018
Author: Michelle Price and Pete Schroeder
Post Date: 2018-02-06 02:43:30 by Gatlin
Keywords: None
Views: 132
Comments: 3

WASHINGTON (Reuters) - Digital currencies such as bitcoin will be in the spotlight again on Tuesday as lawmakers in the U.S. Senate question top markets watchdogs over how to better regulate the highly volatile and risky emerging asset class.

Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), and Jay Clayton, chairman of the Securities and Exchange Commission (SEC), will give testimony to the Senate Banking Committee amid growing global unease about the risks virtual currencies pose to investors and the financial system.

The hearing follows a rout in the price of bitcoin, which plunged more than 15 percent to near a three-month low on Monday on concerns ranging from a global regulatory clampdown to a ban by some banks on using credit cards to buy bitcoin.

On the Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more than half from a peak of almost $20,000 in December. The currency surged more than 1,300 percent last year.

Lawmakers on Tuesday are set to probe Giancarlo and Clayton on the powers of the SEC and CFTC to oversee cryptocurrency exchanges, how the watchdogs can protect investors from extreme volatility and fraud, and the risks posed by cyber criminals intent on stealing digital tokens.

Giancarlo and Clayton will use the hearing to showcase the efforts their agencies have made to police the market and to highlight limitations in the regulatory structure, according to their testimony published on Monday.

The sharp drop in bitcoin on Monday coincided with a broader sell-off in U.S. stock markets, which plummeted to their lowest levels in 2018.

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#1. To: Pinguinitem A K A Stone (#0) (Edited)

Here’s the “attention getter” bugle Call to Arms for you, Pinguinite.

I tried to tell your dumb ass that government interference has already happened in five countries and India joined in a 5 days ago which is credited for the severe plunge in the price of bitcoin. I also tried to point out the distinct possibility of U.S. government interference happening in my “Silver Thursday” post to you....which you misunderstood and went off on a tangent.

Well now, lo and behold almost right on cue...the Senate Banking Committee will come marching into their committee chamber room this morning to “question top markets watchdogs over how to better regulate the highly volatile and risky emerging asset class."

This oughta frost your pea-picking libertarian ass but good....government interference.

You poo-pooed my post while talking down to me as a know-it-all when you said: “I don't think you know as much about trading as I do, Gatlin.”

Well, Ace, that may be true....but I was smart enough to see this coming some time ago. It is relatively the same thing, government interference, I showed you that happened to cause “Silver Thursday.” One has to be stupid to not realize it was gonna happen....in time.

Gatlin  posted on  2018-02-06   3:03:14 ET  Reply   Trace   Private Reply  

#2. To: Pinguinite, A K A Stone (#1)

Ping Correction....Typo Error.

Gatlin  posted on  2018-02-06   3:09:08 ET  Reply   Trace   Private Reply  

#3. To: Gatlin (#1)

I get a "video not available" error.

Yes, this is something to watch for sure and it's outcome will certainly affect the crypto markets. I know you believe that when the government interferes in a free market driving the exchange value of a commodity or asset down (or up) that it's a true reflection of the value of that thing that's affected, but I disagree. Unless we consider that regulatory environment a valid part of the marketplace itself, which is a philosophical point. Regulation should be in place to prevent fraud. It should not be used to undermine the will of the masses.

This could become a contest of free market will vs the regulatory power of government, if government really wants to try this fight. And while I don't do drugs, even legal ones, we can all see how the gov has failed, for decades, to make some drugs go away. And if they can't do that with something as nasty as street drugs, imagine them doing that with something that actually has a productive use? So if the government, even many of them, want to pick a fight with cryptos, cryptos will most certainly meet them in the ring. And while gov's will definitely land some punches, I don't think any knock-outs will be scored.

We'll see. But we're not even sure how this hearing today will go. Regulators might be willing to admit they can't close the market place down and suggest the next best thing is ordinary regulation. They might even admit that regulating it will better protect the public than outlawing it, particularly if some foreign country -- any country -- will offer it to Americans instead.

And by the way, if there was fraud involved as per your earlier post about Tether being used to pump up cryptos, then that is something to regulate. I know you applaud us libertarians as being opposed to anyone using fraud to make gains against others. Or did you even know that?

I'm also not thrilled about "pump and dump" tactics being employed with some of these many hundreds of cryptos that have been introduced. That's fraud in my book. While it's technically free market activity, honest money made with cryptos should be because they are undervalued, not because they are underhyped. I don't want to see people get hurt.

But ultimately, the free market is the free market.

Pinguinite  posted on  2018-02-06   11:10:58 ET  Reply   Trace   Private Reply  

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