What I really enjoyed about the hearing was the fact that they come to a conclusion that what is needed is not to ban the cryptocurrencies but embrace in a way that can protect those who venture in this world and that we need some regulations to separate the wheat from the weed in the crypto field. Also, the remarkable statement was the senator who compared the crypto to the cell phone market years ago as he invested while other discriminated it, he got rich while other lost the opportunity. We are in the right market, yes we are.
Yeah, that was definitely one of the high points of the meeting. One thing I don't quite understand was the last exchange between Warren and Clayton where Warren asked "How many ICO's have registered with the SEC?" and Clayton said "Zero." He said it twice. But what about Protocol Labs? They filed Reg D and Reg S. Does he not count these because they are "Exemptions"? If that's the case, is he actually saying that ICO's can't even file exemptions to protect themselves? I might need to listen to that again, and I'd like to get confirmation from a securities expert, but if he's saying that ICO's can't even file the Reg D and S exemptions, then this, I believe will seriously restrict the ICO market, and will cause pretty much every single ICO that is released to refuse U.S. Investors.
I know that a lot of people believe that ICO's are fundamentally scammy, but they don't necessarily have to be. If they collect money and build useful applications instead of just buying lambos, then ICO's have the potential to truly advance the use of blockchain technology. If ICO's can't even file exemptions, wouldn't this set the U.S. back in terms of keeping up with technology?
Anyway ... if anyone reading this happens to be a securities whiz please let us know your take on this. Thanks in advance.