Bitcoin Forum

US senators undecided in their attitude towards crypto-currencies and their regulation
 
The crypto community can breathe a sigh of relief: the long-awaited meeting of the us Senate devoted to cryptocurrencies and their regulation took place in a very positive way. The head of the SEC, Jay Clayton and the Chairman of the CFTC and Christopher Giancarlo told about the plans of their departments, the protection of seniors, the education of librarians and their own children, preferring the bitcoin stock market.
Just 9 years have passed since Satoshi Nakamoto released his "white paper" (WhitePaper), and bitcoin has already become the subject of heated debates senators on Capitol hill. Both cryptocurrencies and the technology behind them are slowly but surely changing our lives. They also require support of state structures, development and Federal supervision. Therefore, the main conclusion for the cryptocurrency community following the results of the historic meeting: there is no question of any ban on operations with cryptocurrencies or trading in crypto assets.
 
This writes Forbes - source of authority.

One wonders if politicians own crypto. There is a decent possibility some of them do with their history of insider trading. Of course, given their age and relative degree of computer illiteracy, it is possible they subscribe to the Warren Buffett school of thought which might be summarized as: "if its not old enough to be a fossil, don't invest in it".

Seriously, though. I'm interested in what they have to say on the topic. With the government shutdowns, it is possible they haven't had much time to process bitcoin. If there is anti-crypto currency legislation aside from Senate Bill 1241 making the rounds, I hope the government is too busy being shut down to pass said legalese.

Awhile ago, there was a thread made in this section regarding the forbes article on bitcoin and crypto currency millionaires/billionaires with a rumored net worth of more than $400 million. Hopefully the crypto whales can flex their political muscles and block any crazy anti crypto bills that are laid on the table, although that may be a bit over-optimistic on my part.

They're not undecided. Not one person came out and said this is a thing that shouldn't be regulated. Everyone acknowledges it should be, and some states have already taken the initiative because the federal government has been slow to act. New York especially, where there are already requirements to register if you run a crypto business (the Bit License). The SEC has shut down some ICOs, and indicated it considers all ICOs to fall under the jurisdiction of existing securities laws. That tells you all you need to know about how they're going to proceed, they just haven't started in a major way yet, but it's coming.

I think they aren't so undecided about it.

https://cointelegraph.com/news/us-arizona-senate-passes-bill-to-allow-tax-payments-in-bitcoin

Arizona is near to be the first state in the US to accept Crypto-Currency as payment method for taxes (not only Bitcoin, but Litecoin and even other recognized AltCoins by the department). Seems they are adapting themselves to Crypto technology, the regulation comes next, let's see how harmful it will be for Crypto enthusiasts or thinking from an optimistic point of view, if the regulations will be fair, it can be an example for other countries.

I wouldn't say that the committe hearingn that everyone in crypto watching on Crypto is going to be the end all be all on the attitude towards Crytpo. One guy in the CFTC doesn't think that we should regulate Crypto, though if everyone in government decided that they could make a killing doing it then they would go ahead and do it. They could make a KILLING if they did. Shorting the market and then fucking us with regulations would be insanely profitable.

Horrible, but that's what people in government do.

Well this sure is such an interesting news. But one thing I can assure you is that they are already having plans behind doors. I mean, doesn't it poke your curiosity cells that none of them ever said that bitcoins together with all the other crypto currencies out there shouldn't be regulated and controlled? I mean, at least even one(bitcoin perhaps). This clearly signifies that they have some common interests and have already made plans as to what their course of action towards this issue will be. I really do think that this is just a ploy to deceive most of us into believing that they are really finding ways to make a decision that will benefit all of us. When in reality, they are all on the same page and want to be the only one to make the most of all these things happening today. Although this is just a speculation, we really cannot deny that this can really be a logical possibility.

Careful about assumptions about computer illiteracy. The PC became widespread in the 1980's, which was nearly 40 years ago. Most 50 and 60 somethings have always used computers at work. And the internet came of age in the 1990's, which was 30 years ago. Most of Generation X (40 and 50 somethings), were pioneering the use of the net when they were in their teens and twenties.

It's only people who are older than 70 who struggle with tech, and most of Congress is younger than that. Certainly the 71 year old Trump has no problem using Twitter...

A level of uncertainty and skepticism is healthy and right for Senators to have. What's important is that they realise the potential of cryptocurrencies and stick to the 'do no harm' approach that was mentioned. As long as they do that then any direction they choose in terms of regulation will be accepted within reason.

They do not have to necessarily believe in cryptocurrencies themselves but be willing appreciate that others do and it's their duty to ensure that their citizens interests are considered.

It is not easy for everybody to develop consensus on how cryptos should be treated and regulated. We have seen that politicians cannot develop consensus on how the internet should be governed, whether the net should be neutral or not. What was decided by the Obama administration is being overturned by the Trump administration. Cryptocurrencies are a lot more complicated than that.

They should remain undecide about cryptocurrencies regulations and adoption as this we strengthen the cryptocurrencies market than them taking the side of what other countries are doing. Bitcoin and blockchain technology is a beautiful development and discovering and I know USA will not go against it.

It depends from person to person but people today have not really an idea of how technology really works, for them is just like magic, while in the past if you wanted to play a game you could not just go to the store and buy it you needed to code your own game, how many millennials can create their own apps to solve their problems, my supposition is not many.