The Bitcoin is being globally suppressed. The US authorities have seemingly joined this bandwagon of global bitcoin suppression with them being now open for a discussion on “increased federal regulation” for trading platforms which trade in cryptocurrencies. This comes into emergence as the market prices of cryptocurrencies keep tumbling down.
Bitcoin’s Global Clampdown: The USA Join the Bandwagon
The US authorities join forces and are open to a discussion involving suppression of Bitcoin and other cryptocurrencies further by tightening federal regulations on Crypto Trading Platforms. This comes to move as the market prices of crypto coins see a downfall.
Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton, Chairman of the Securities and Exchange Commission (SEC) will discuss with the Senate Banking Committee today. They are supposedly gathering to put their heads together to discuss the future of the virtual currencies and its potential in the crypto markets.
Testimonials with the pairs statements have been prepared and we released on Monday which brings out the possibilities of US government to impose more regulations to crash the cryptocurrencies and its markets in the coming future.
Mr. Clayton has written in his testimony that, “We are open to exploring with Congress, as well as without federal and state colleagues, whether increased federal regulation of cryptocurrency trading platforms is necessary or appropriate.”
While the CFTC Chairman wrote, “Virtual currencies… likely require more attentive regulatory oversight in key areas, especially to the extent that retail investors are attracted to this space.”
Some sources from Congress stated that the discussion will basically be a “fact-finding exercise” which will yield results showing the power of the authorities and the CFTC & SEC on cryptocurrencies.
The cryptocurrencies in the meanwhile continue with their downfall. Bitcoin value has gone down 60 percent and even more in the last month post its rise according to a leading market tracker coinable. Its counterparts of the likes of, Ethereum, Ripple, Bitcoin Cash &Litecoin are all experiencing a downward trend.
Protection for Investors
The meeting which is scheduled for today is also being looked forward to discussing ways for investors protection in the virtual currency world. The SEC wants to safeguard the interests of ICO investors as well. They state that investors who have put their money in Initial Coin Offerings (ICOs) should be subjective to failproof precautions as equity market offerings.
According to Mr. Clayton and Mr. Giancarlo, the current systems in place for regulatory patchwork helps in rising the cryptocurrencies in prominence. However, they would want to alter the same and they are looking forward to suggesting the same thing in the meeting. They have also advised the investors to be cautioned about investing in the cryptocurrency market.
The CFTC Chairman also stated that they lack abilities to control and regulate Bitcoin Cash. According to Mr. Giancarlo, a routine licensing program for the Bitcoin Cash could avoid fraud, theft and money laundering.
Bitcoin Spiraling Downwards
In Dec’17 Bitcoin had experienced a sharp surge in its prices by reaching a peak of $19,535.70. Post this it had a great decline. The bitcoin had resurged on 6th Jan’17 and its value had gone up to $17,035.60. Post this it dramatically fell down. Today the bitcoin prices are toggling between the opening price of $8,186.65 and the closing price of $6,583.56. Cryptocurrency investors the world over are sad over such low prices of the Bitcoin.
Bitcoin continues to travel the downward path post seeing a brutal sell-off on Friday and the introduction of regulations. Some Banks (J.P. Morgan Chase, Bank of America & Citigroup) have even prohibited their customers from buying bitcoins with a credit card. All of this is contributing to its downward spiraling.
India to Endorse Regulations on Crypto Markets
Not only in the US but even India wants to endorse regulations on crypto. India has plans to introduce the paralyzing regulations on cryptocurrencies. The Economic Affairs Secretary, Mr. Subhash Chandra Garg from New Delhi has expressed that the Government of India will set up a panel which would study cryptocurrencies and plans to present a report on cryptocurrencies in the current fiscal year.
He specified that “Government will take steps to make it illegal as a payment system. As well as having a regulator in place. We hope now within this financial year the committee will finalize its recommendations…certainly, there will be a regulator.”
