Blockchain is nothing without Bitcoin, CFTC Chairman says

A conference was conducted by the Senate Committee which has reached the top level of regulatory concerns related to cryptocurrencies and blockchain technology. including initial coin offerings (ICOs), trading platforms, derivatives and exchange-traded funds (ETFs), and the assets’ observed to perform financial crimes and subvert international sanctions.

In the beginning, Clayton and Giancarlo described the concern about the fact that cryptocurrency exchanges are currently regulated at the state level rather than the federal, and each repeated that some undefined point in the future, Congress may want to expand federal regulators’ capacity to oversee the spot markets.

Jay Clayton, chairman of the Securities and Exchange Commission (SEC), constantly kept talking about ICOs, expressing that he has not seen an ICO that should not be classified as a security under federal regulations.

He also explained why the SEC has held fund sponsors’ attempts to list Bitcoin ETFs, saying that because ETFs primarily target is retail investors and are largely one-sided markets. The rules governing which were created must be more strict than those for futures contracts, these are overseen by the CFTC. He told that, if these rules are satisfied at a later date, the SEC will then be open to reviewing its stance on Bitcoin ETFs.

At the same time, Chairman Giancarlo spoke positively about Bitcoin. The enthusiasts with several comments that seemed to be roof tips to the community. First, he made what is almost certainly the first use of the word “hodl” during the conference. Afterwards, toward the end of the conference, he denied the common mistake that Bitcoin is taking.

He told:

“It’s important to remember that if there was no Bitcoin, there would be no blockchain.”

Chairman Clayton said: