Results of the hearing of the US Senate subcommittee on cryptocurrencies

Over the past 24 hours, more than $6 billion has been withdrawn from the cryptocurrency market. We had the opportunity to watch as a US Senate subcommittee buried Bitcoin and, at the same time, helped the banking sharks.

Conflicting evidence has been presented against Bitcoin and other cryptocurrencies, and based on this, decisions have been made to introduce strict regulations. At the same time, on the other side of the fence, the Senate passed a bill to ease regulation of the banking industry. 

Yes, these two events occurred at the same meeting. The extreme imprudence shown by the senators is laughable. Moreover, the timing casts doubt on their sincerity. 

California Congressman Brad Sherman, in particular, stood out at this session as the leading cryptocurrency hater. For him, digital currency is “complete nonsense”, used only by terrorists, drug addicts and criminals. Some members of the crypto community were quick to point out that the new regulations will act in the financial interests of the congressman himself for reasons obvious to everyone.

Everyone already understands that such statements by officials and such policies bring chaos and are reflected in the price of cryptocurrencies. And, apparently, there are hidden agendas that are not accessible to the general public. In any case, not everyone was a hardliner at the subcommittee meeting. There were those like Minnesota Congressman Tom Emmer, who took a rational and moderate position.

But dark clouds obscured the tiny ray of hope. The final outcome of the meeting was not positive, and therefore investors were confused.

However, there is no need to panic. As we have already seen, regulators have been postponing tough measures against cryptocurrencies for a long time. It is possible that uncertainty will continue for the foreseeable future until adequate and reasonable regulations are adopted. On the other hand, regulations, as has already been explained hundreds of times, can be beneficial for cryptocurrency. After all, they are the ones who create greater security for investors, which makes the cryptocurrency market more attractive.

A ban is a completely different story. Such bans will certainly only scare off investors. 

But ask yourself - will the US Congress ban a new, emerging technology that has the potential to change the world? Hardly.. Such an opportunity will not only cause a huge public outcry, but will also return the country to the Stone Age, while the Russians and Koreans are exploring this area with might and main.

According to https://www.profitconfidential.com