Summary of CFTC Chairman Gaincarlo's proceedings:
Credit to ethswagholder on reddit.
link:
https://www.reddit.com/r/CryptoCurrency/comments/7vo5ov/cftc_chairman_gaincarlo_just_made_the_most/
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A gist of what he said:
His kids were not interested in stocks but are hooked onto cryptocurrencies, and the government has to respect that, and develop a positive outlook.
While scams and fraudsters must be cracked down, the general market must be allowed to develop. A working group of SEC, FINCEN, CFTC and other group members are working on identifying scams in this space.
When asked if Crypto has any "intrinsic value"? - There is an intrinsic value and relation of the value of bitcoin and the cost of mining it.
Price of Bitcoin is just one publicly traded company like McDonalds. In comparison, global money supply is 7.6T. And since Bitcoin has been compared to digital gold, value of all gold in the world is 8T.
HOLY SHT.. He just mentioned "HODL". Hahaha - According to him its "Hold on for dear life".
"We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology"
"We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach."
In the middle of all this Senator Brown was constantly bashing banks, a topic un-related to all the discussion. Apparently banks have had 80+ violations in the recent months. Lol
Other points:
No of times drug dealing mentioned in the proceedings = 0
No of times terrorism mentioned in the proceedings - Venezuela Petrocoin and Russia Cryptorouble (and North Korea) were discussed - they were seen as ways these countries could use crypto assets to skirt US sanctions. Though the SEC chair addressed that there was not much they could do, but are working with Feds and the treasury.
"illegal transactions" was discussed, and the steps taken to combat misuse of crypto.