U.S markets regulators from the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) will be providing testimony to the Senate Banking Committee over the risks virtual currencies pose to investors and the financial system. There is currently no single U.S watchdog of virtual currencies, and today's hearing will largely be for fact-finding, focusing on the powers of the SEC and CFTC to oversee cryptocurrency exchanges, how the watchdogs can protect investors from volatility and fraud, and the risks posed by cyber criminals intent on stealing digital tokens.
In my opinion this has to do with the Coincheck hack, as well as the government wanting their cut. Since this is only fact-finding, it's tough to say if today's hearing will impact cryptocurrency value right away.
Congressional sources told Reuters the hearing will largely be a fact-finding exercise focusing on the powers of the SEC and CFTC to oversee cryptocurrency exchanges, how the watchdogs can protect investors from volatility and fraud, and the risks posed by cyber criminals intent on stealing digital tokens.
In my opinion this has to do with the Coincheck hack, as well as the government wanting their cut. Since this is only fact-finding, it's tough to say if today's hearing will impact cryptocurrency value right away.
Congressional sources told Reuters the hearing will largely be a fact-finding exercise focusing on the powers of the SEC and CFTC to oversee cryptocurrency exchanges, how the watchdogs can protect investors from volatility and fraud, and the risks posed by cyber criminals intent on stealing digital tokens.