In a widely anticipated hearing, the chairmen of the SEC and CFTC, the two federal regulators tasked with overseeing cryptocurrencies, will appear before the Senate Banking Committee today to discuss their regulatory approach to a market that's rife with fraud and abuse.

In their prepared remarks, the two men appeared to focus on regulating ICOs - which they appear to see as a legitimate form of capital raising - and derivatives like the bitcoin futures launched late last year by the CME and CBOE.

Watch the hearing live below:

Below are the prepared remarks from CFTC Chairman Christopher Giancarlo

Giancarlo Testimony by zerohedge on Scribd

...And the prepared remarks from SEC Chairman Jay Clayton...

Clayton Testimony by zerohedge on Scribd

Cryptocurrencies rallied into the hearing, paring yesterday's losses.

Unfortunately, crypto stocks like Eastman Kodak and Advanced Micro Devices remained lower even as the broader market rebounded.