US Senate Hearing Summary

hi guys thanks for tuning in to another episode of Nuggets news in this video I want to give you a quick summary of the US Senate hearing in the cryptocurrency that took place last night now in the eyes of the cryptocurrency community a hero was born so all over social media today you're gonna be reading quotes and memes about Chris Giancarlo so here's the CFTC chairman and one of two men that testified on Capitol Hill the other being Jake Layton so he's the SEC chairman and he certainly took more of an authoritarian approach particularly towards I cos the fact that literally no I SEOs have registered as securities in the US now I did speak about whose jurisdiction this even falls under and we've spoken about that in the channel you can make rules but it's one thing to you know create them it and it's not a thing to enforce them and you know the Internet's a big place these days there's ways around everything and I was certainly aware of that as well this is going to take global cooperation to really put in any any guidelines and frameworks and really enforce them so the other thing that was great to see from some senators was some pushback about why you're focusing so much energy on you know cryptocurrency when there's so much wrongdoing still taking place in traditional markets every day we see banks getting fined you know they get slaps on the wrist and the cycle continues so it's great to see them being told you know this is a fantastic innovation you know let's not focus too much energy on trying to in the way of this okay your job is on those traditional markets to a certain degree as well so regulators understood this innovation and technology to some degree which is good to see and they and they know that growth and evolution is taking place but they want to protect those investors and consumers at the same time you know and that's what they're saying you know that's your job okay it's not to get in the way of this innovation in the slide down no Chris himself spoke about his family members that are really taking an interest and a passion in this and he just couldn't get them interested in traditional markets and he knows that that's taking place in the entire generation of people that a demographic that are into this cryptocurrency movement so it's great to hear that the other thing they spoke about was the difference between if we are going to regulate you know securities first tokens versus currencies this distributed leverage of technology comes in many you know shapes and sizes it's got enormous potential though and the overarching message was you know a do no harm hands-off approach let's let this innovation flourish and let's just make sure that no the ico space is safer we're protecting how consumers and citizens but we really want to let this go we want to let this see where it goes okay so that was fantastic to hear and a lot a lot more lenient than what people were expecting I would say as well so the other thing they threw around was a few numbers and 20 trillion by 2020 was something that one of the senators threw around so we've done a video on the channel called can be coin go to 1 million dollars we spoke about realistic market caps and they mentioned the market cap of McDonald's being similar to Bitcoin and the fact that that's only one u.s. listed company you know they threw around the market cap of gold and total money supply being well up in the trillions and that's certainly a possibility for what crypto currencies can grow to and it's just you know almost couldn't believe what I was hearing to hear people of this high stature you know white collar backgrounds to be speaking about this and acknowledging it that this is a real possibility and that these crypto currencies are here to stay it's not a bubble that's popped like you're hearing from some of the mainstream pundits so overall guys I can't believe you know we could have hoped for much of a more positive approach yeah and I mean that realistically guys so plenty of positives to take you out of this price action certainly reflects that we've got a big relief rally I spoke about that in yesterday's video I thought this was coming now we're waiting to see how much of a pullback we get to form a high-low I can only tell you what I'm doing personally guys and I have a lie all my funds for their correction I do not think that we're going wrong so please hit like subscribe if you haven't already share these videos around and as always thanks for tuning in guys cheese

19 thoughts on “US Senate Hearing Summary”

  1. My 5c (and I'm sure I'll be panned for it): BTC is going back down to yesterday's lows. Okay, maybe not all the way, but very close to them.

    The reason: I'm just not seeing the volume to support this bump longer-term.

    News-wise the result of this senate hearing hasn't filtered through to the mainstream press just yet. So the negative vibe is still dominant. But give it a couple of days…

    I'm all cash atm.

  2. What are your thoughts on regulation? won't cryptos essentially become like stocks and have to submit quarterly reports etc? I'm not so sure regulation will be a good thing

  3. if you know anything about US Democracy, you know its democratic by name only.

    Beware the Government that so freely gives to the will of the People.

    All lip service. like the rest of their representatives

  4. Imo Bitcoin is headed back up to $10k. Coinbase is implementing SEGWIT this month! That’s HUGE news for Bitcoin. Coinbase accounts for nearly 50% of all transactions!

  5. I'm excited! They realise that it can't be stopped.
    Like Ghandi said "first they ignore you, then they laugh at you, then they fight you, and then you win"

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