[2018-03-14] Congressional hearing on cryptocurrencies devolves into bitcoin bas

[adel hmdt]

A House Financial Services subcommittee met Wednesday in what was supposed to be an overview of the cryptocurrency landscape. The two-hour hearing raised more questions than answers, and shined a light on some Congress members' deep skepticism around digital currency.

"Cryptocurrencies are a crock," Rep. Brad Sherman (D-Calif.) said to kick off his opening remarks. "They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they're going to be millionaires."

Sherman had a litany of concerns. Bitcoin has the ability to help terrorists, criminals, tax evaders and start-up companies looking to commit fraud, he said, adding that bitcoin undercuts the U.S. dollar as a source of the Fed's $50 billion revenue.

The committee was called to discuss initial coin offerings, or ICOs, which are used by companies to raise capital for businesses and products. There have been $2.6 billion ICOs so far this year, according to the latest research from Autonomous Next.

https://www.cnbc.com/2018/03/14/congressional-hearing-devolves-into-bitcoin-bash-fest.html

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[odolvlobo]

"Cryptocurrencies are a crock," Rep. Brad Sherman (D-Calif.) said to kick off his opening remarks. "They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they're going to be millionaires."

Becoming a millionaire makes it a "crock"? I don't think those wives would agree with him.

"They're pouring their life savings into virtual currencies and they stand to lose a lot of money when this bubble eventually bursts," Maloney said.

She said she is working on a bill that "would regulate virtual currencies but not the technology," with "robust" investor protections, including disclosures that will be regulated by the SEC.

That's a typical lawmaker response -- make unnecessary laws.

[Tree779]

A House Financial Services subcommittee met Wednesday in what was supposed to be an overview of the cryptocurrency landscape. The two-hour hearing raised more questions than answers, and shined a light on some Congress members' deep skepticism around digital currency.

"Cryptocurrencies are a crock," Rep. Brad Sherman (D-Calif.) said to kick off his opening remarks. "They allow a few dozen men in my district to sit in their pajamas all day and tell their wives they're going to be millionaires."

Sherman had a litany of concerns. Bitcoin has the ability to help terrorists, criminals, tax evaders and start-up companies looking to commit fraud, he said, adding that bitcoin undercuts the U.S. dollar as a source of the Fed's $50 billion revenue.

The committee was called to discuss initial coin offerings, or ICOs, which are used by companies to raise capital for businesses and products. There have been $2.6 billion ICOs so far this year, according to the latest research from Autonomous Next.

https://www.c[Suspicious link removed]m/2018/03/14/congressional-hearing-devolves-into-bitcoin-bash-fest.html

Man, that quote is fully retarded. Who says that? And at that political level?

If that idiot was on Bitcointalk we'd kick his ass for posting that. He'd get banned for troll.

That dude never even researched crypto or blockchain tech, did he? He has no idea wtf it is. Just spouts of nonsense cause he hears people rave about bitcoin's volatility.

How can he call it a crock when bitcoin went from $100 to $19,000 in a matter of a few years?

[RamonBTC]

Those Congressman are mostly representative of the elites and not by the people. They are not there for the security of ordinary people investments, but for there financial sponsors. This is reality we’re facing now. They can be rude to crypto all they can, we must be firm on what we think is right. Cryptocurrency as a whole is not perfect and fiat currency or stock market also.