Bitcoin Forum

BITCOIN's recovery could continue today with all eyes on Capitol Hill this afternoon as the US executive prepares to take up the crypto challenge. Any move towards regulation could send prices soaring and one expert described the talks as a, "great step in the right direction".

The crypto community will watch and wait today with two US House of Representatives Committees hearing on the movement of digital assets into the centre of American life?

The Financial Policy Subcommittee hearing will examine "the extent to which the United States government should consider cryptocurrencies as money," while the House Committee on Agriculture will focus on the emergence of "digital assets".

Congress is set to "evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash."

Guy Hirsch, US Managing Director of eToro, told Express.co.uk that “today’s hearings are a great step in the right direction."

He said: "We encourage regulators to hear more from good actors and companies with an international presence since they would be valuable to this discussion in Congress.

"Cryptocurrencies are by design global assets and companies with global perspective are uniquely positioned to help regulators better understand the diverse regulatory approaches and best practices.

"Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter."

On the challenges for Congress he adds that digital assets have properties that don’t apply to our current understanding of securities or commodities.

He adds that while it makes sense to classify some tokens as securities, others are more accurately classified as currency or commodities, or perhaps a new asset class altogether.

He said: "Our industry should provide education and support for regulators to define a framework that will lead to logical and growth-oriented classification of each crypto.”

Source: https://www.express.co.uk/finance/city/991116/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news

waiting for this is ok and all that but let us not forget that for a decentralized system such as bitcoin, the approval or disapproval of the government should not matter at all.
Satoshi didn't create bitcoin so that in a couple of years bitcoin users wait to see whether the "congress" gives it green light or not.

You are very correct. Government approval does not matter.

I agree with this, unfortunally the market will still move alot when a decision is taken  :(

It is very good that such meetings and discussions take place in America! We need official regulation of the crypto market! this will give a big impact in the development and attraction of new large investors! crypto market is the future, and all people should understand and know this! I hope there will be good news!

That's the fiat value only, which doesn't really matter to Bitcoin. One Bitcoin is still one Bitcoin, no matter what any government says.

100%

I just wish more people in the community realized this!

Fed Chair: Crypto Has No Intrinsic Value, Not a Store of Value, Great for Money Laundering

https://news.bitcoin.com/fed-chair-crypto-no-intrinsic-value-store-of-value-money-laundering/?utm_source=Fed%20Chair%3A%20Crypto%20Has&utm_medium=telegram&utm_campaign=Telegram%20Channel

The article above might not be a good news to crypto world but i hope it would be override upon thorough study if cryptocurrency may acknowledged by federal Reserved. they might need to regulate crypto to ensure that investors money would not be abused.

the btc climb is giving us more opportunities to trade again after a long way dump on June and mid July, I hope it won't dump again.

You just spoke my mind. I think the most important aspect to grow the industry's worth, is by delivering workable projects with real life use cases. Whether or not Congress bow to our approval demands or not, it shouldn't stop the industry's development. Afterall third party control (approval or oversight) is not needed for an actual P2P transactions.

Creating mutual and trustless systems is by far more important than Congress hearing or any other political ceremony (mumbles).

This could be a big help to pump up bitcoin but this doesnt necessarily be the only reason why bitcoin will increase in value. People might watch this because acceptance from the congress will probably attract more people to invest in bitcoin. But really, bitcoin exist with or without the approval of the government.

These days people decide what's money. Fiat failed since forever and will fail again. over 6000 currency got to 0 after a while. Euro and USD are going there full speed!

People need to stop interviewing eToro when it comes to cryptocurrencies. They have no idea what that is. They're just trying to surf on speculation like it's a casino. You can not buy Bitcoin there. The only thing you buy is the virtual paper they call Bitcoin. You can not withdraw and send to your wallet. You can not send to a friend, cannot buy something with it. There is no interaction with Blockchain.

That represents everything Satoshi was against.

I agree. Bitcoins are not created by the government, so they have no right to prohibit or accept Bitcoin as a form of payment. If the government and the parliament banned Bitcoin, people would always use Bitcoin as usual

Exactly my thoughts, it should not matter how one government perceives bitcoin or other currencies.

That aside, it is good to have a rational discussion about cryptos in that level. The best outcome in my mind would be that cryptos become more easily accesible.

Despite the decline in the market, the cryptocurrency industry and blockchain are on the rise. Of course, governments or any Congress do not influence this.Some countries are already legalizing the cryptocurrency and this is correct. Because of taxation, this contributes to the flow of capital to the state Treasury.and creates jobs. For example, Malta plans to launch the world's first decentralized Bank.

Amen to this comments.  Why are we so willing to even pay attention to these "leaders" who do way more harm than good.  Why do we bow down and send in our "papers" for KYC.  If we continue to beg and ask for approval we will always be slaves.

And who wants to be a slave for life. BTC is the way

the bitcoin price recovery above $7k was mainly because of the fact that price had reached bottom and it was time for us to see a rise after months of dropping. lets not forget that price fell nearly 70% and this is the  correction of that huge drop.
the news like this is important but at the end of the day bitcoin still goes up because of its growing adoption.

I hope that very soon president of United States Donald Trump would go on the public and he would say that I have bought for myself 10 bitcoins investing and I recommend all of you to do the same.

your point is that the meeting from the SEC accepts Bitcoin as an ETF, right?
but if that is true then the SEC rejects Bitcoin as an ETF and makes Bitcoin drop its price to $ 5,800


"very sad"