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On Tuesday, during the Senate hearing on the potential cryptocurrency regulations, the chairmen of USA’s top two market regulatory agencies largely stuck to their script. The hearing was held by the Senate Committee on Urban Affairs, Housing, and Banking which affected a wide range of regulatory concerns that are linked to the blockchain and cryptocurrencies technology, including trading platforms, ICOs (initial coin offerings), derivatives and ETFs (exchange-traded funds).

Both Giancarlo and Clayton expressed concern in their statements that at this time, the cryptocurrency exchanges are delimited at the state level and not on the federal one. They both repeated that in the future at some undefined point, there’s a chance that the Congress may try to improve the ability of federal regulators to manage the spot markets.

The chairman of SEC (Securities and Exchange Commission), Jay Clayton, tried to shift the conversation back to the ICOs constantly and noted that he hasn’t seen an ICO that shouldn’t be catalogued as a security under federal regulations. The same statement he has been repeated on several past occasions as well.

CFTC Chairman

He likewise gave a perception on why the SEC has struggled against the fund sponsors attempts to list Bitcoin ETFs and explained that because retail investors are largely targeted by the ETFs and are primarily one-sided markets, rules presiding their creation need to be strict than those for futures indentures, which are supervised by the CFTC. He added that the SEC will be open for revising its stance on Bitcoin ETFs if these rules are gratified later.

Meanwhile, Chairman Giancarlo grabbed the attention of many Bitcoin fanatics with some comments that seemed to be hat tips to the community.

The very first word that he used during the Congressional hearing was “hodl” and till the end of the hearing, he continued to contradict the common misconception that the coattails of blockchain technology are purged by Bitcoin.

He told the committee that it’s really important to reminisce that there’d be no blockchain if there was no Bitcoin. Overall, the whole hearing didn’t end up as a thunderclap, however, it proved what has been already made ostensible ‘that new cryptocurrency regulations are expected to be coming to the US markets soon.’

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Facts about Blockchain Funding by Chinese Investment Group

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News about generating blockchain funds by a Chinese company are in the news right now. But before discussing about that news, we must have a watch on the history and importance of blockchain. Designed in 2008, blockchain is the backbone of Bitcoin and all the other cryptocurrencies. Blockchain system works by taking in digital transactions and storing them in pieces of digital information called blocks. These blocks are in turn linked together to form ledgers. In case of blockchain, such ledger can be defined as a list of digital transactions. Each time you wish to change the data inside a blockchain database, the software adds a block to the chain containing all the information required to verify the changes. The block will have a unique identifier (a hash) and can be encrypted depending on the underlying software use-case for it.

blockchain funds

Importance of Blockchain Technology in other industries

Blockchain has also a serious impact on various other industries. Even IBM has started work on their own blockchain projects. The main reason for it is that blockchain has played an important role in maximizing the technology’s capabilities, such as autonomous records and easy to access contracts. Even the Pharmaceutical giants are planning to use blockchain to prevent frauds and secure their transaction records. Now let’s come to the point and elaborate why blockchain funds have become so important for China to show active participation in it.

Why China is interested in Blockchain Funding?

Due to such an important role of blockchain in digital transactions, especially cryptocurrency, it has been reported that a government-led investment firm known as Investment Association of China (IAC) is going to establish a funding center to strengthen the blockchain development in China.

This news leaked out when a document related to that entity was circulated by IAC on the internet. IAC reports directly to China’s National Development and Reform Commission.

Later, vice chairman of the IAC, Liu Ren confirmed the document’s authenticity. He further explained that IAC had to take an initiative in this regard due to the growing importance and popularity of blockchain in cryptomarket. That’s why their association decided to provide fundings and maintained standards for the good of cryptocurrency industry.

However, he did not disclose that whether the funding will be provided from the state or private sectors.

This new blockchain funding center will also seek further working with overseas blockchain projects to generate further investment options. It will also provide consultation services to those persons or firms that are interested in blockchain investment. In short, Chinese government is quite serious in its efforts to develop investment plans for the domestic as well as foreign blockchain industry. Chinese Ministry of Industry and Information Technology recently announced that it will soon launch a committee in order to set national standards for blockchain technology.

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