(FinancialPress) — The Senate hearing on cryptocurrency regulation was one of the hottest topics of last week. Industry leaders and influential lawmen had several takeaways from it – mostly positive, as the general sentiment was that the outlook was “bullish“ and what was said during the landmark session could be considered “a sigh of relief“.
During the session, the heads of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) testified on a series of topics regarding the crypto market – including oversight, regulatory concerns around initial coin offerings (ICOs) and price volatility. The date was widely anticipated throughout the industry due to the outcome on regulatory positioning by the 3 government agencies – the third being the Senate itself.
One of the main highlights for onlookers was the high-level debate that took place, with lawmakers showcasing a real grasp of the industry and the technologies behind it.
Stephen Palley, a Washington-based attorney for firm Anderson Kill, expressed he was aghast with the level of knowledge on the oft-considered still obscure topic of cryptocurrency shown by both committee members and the very regulators who look to put reins on it.
“It’s amazing that nine years after the Satoshi white paper, you’ve got senators talking about this [stuff] and not pooh-poohing it.”
Other notable comments came from attorney Zoe Dolan and Berger Singerman LLP partner Andrew Hinkes. The former said, via Twitter, that “this hearing has made me so bullish I can hardly stand it.”
“As a lawyer – and a criminal defense lawyer in particular – I was heartened to hear acknowledgment that existing laws suffice to address age-old human conduct,” she later added during an interview. “Fraud is fraud.”
Hinkes, on his side, applauded the fact that both agencies recognized the need for more resources in order to overlook the booming industry.
“Although this may stoke fear in the community, more resources may lead to better, more thoughtful and more facilitative regulation. Regulation is helpful when it provides useful guidance,” he said.