There were several brilliant takeaways to be noted from today's Senate hearing on crypto today. The sentiment seemed to only suggest a bullish future for our infant coins and tokens. Of the many speakers, Id like to highlight a few of the ones that stood out to me. Gary Gensler warned of the need for regulation to warm up to crypto enthusiasts, before the United States risked having them take their interests, abilities and efforts to friendlier countries. This is very valid because its easier to keep someone from leaving rather than to try and coax them back after the fact. I find the traders, entrepreneurs and investors in this space can become very mobile across the world, almost at complete will.
Congressman Brad Sherman on the other hand may probably become a popular joke or 2 in the crytpo community today after his comments had really no sense at all to them during most of his speech. Just wait for crypto enthusiasts to digest this and begin shooting back. At one point he even suggested that anyone owning or trading coins in America should be jailed. He certainly must be shorting his bitcoin right now :) Norbert Michel, who is a Director at the Center for Data Analysis of the Heritage Foundation, was probably my favorite speaker, even going so far as to suggest congress vote to remove the capital gains tax on cryptocurrency!! Now that's my kind of guy!!
My Conclusion
If many members of Congress are not at least trying in small efforts at a time to understand crypto then I'm seeing things wrong. I think they are. Its becoming obvious who opposes and the why portion of that is becoming easier to see also. It definitely is one big game. For Americas sake, they had better hurry. Nothing will keep this technology out of the hands of the world and it is high time we all got in for the long haul. There were claims the Russians bought the hardware used for meddling in the US election with bitcoin as well as concerns the Central Banks would gain a 100% monopoly over transactions. How do we regulate ICOs and successfully punish the scammers? Points were made about efficiencies, and the Swedish SWISH system was spoken of in a positive light. I do believe that the crowd of us all who excitedly managed to catch some of the action today were just pleased to have a spotlight on the grand stage. What comes of this is yet to be seen, ironically the crypto markets were still pushing bullishly hard at the time of the hearing which is especially sweeter if Brad Sherman was simultaneously sneaking peeks at his Bitcoin on his cell phone...
