Topic: [2018-03-08] US Congress to Discuss ICOs in Hearing Next Week (Read 131 times)

The state cannot create an independent regulator. This is contrary to the principles of the state. It seems to me that the bitcoin community can become a prototype of a new free Internet community. Such a body could assume the functions of establishing a regulatory body. But the regulation should be minimal.

I hope that a more robust guideline on the regulation of these ICO's would be implemented soon. These ICO's are undermining the people's confidence in crypto currencies and they cause outsiders to look upon the whole crypto community as a bunch of cheats and schemers.

I am actually in favor of ICO's as it levels the playing field a bit by making it easier for would be startups to enter the market. However, as with all good things, people will always find a way to abuse it. The range of ICO offerings nowadays is actually laughable - from the wtf whitepapers to the copycats from China which are so hard to make any sense of. Looking for a good ICO to invest in nowadays has become a very tedious exercise where you're better off avoiding instead of wasting time on.

It has long been ripe for the regulation of ICO projects in order to exclude possible risks of fraud from the ICO team and increase the level of security for potential investors of such projects. The fact that the US simply banned its citizens from participating in ICO campaigns is not the best way out of the situation. Citizens vseravno will bypass this ban and suffer losses from scammers. We need an independent regulator who would not go into all the detailed details of the project, draw general conclusions about the need for such a project, but first of all check his team for the possibility of fraud and later controlled the target expenses of the collected funds.

A subcommittee of the U.S. House of Representatives Financial Services Committee is set to hold a hearing next week on cryptocurrencies and initial coin offerings (ICOs).

A notice posted on the committee's website states that the Capital Markets, Securities, and Investment Subcommittee hearing - entitled "Examining the Cryptocurrencies and ICO Markets" - is scheduled for March 14 at 10 a.m. EST.

Speaking to CoinDesk on the sidelines of this week's DC Blockchain Summit, U.S. Representative Tom Emmer - a member of the subcommittee - suggested that the hearing would largely be educational in nature, aimed at providing members with more information about the market for cryptocurrencies and token sales.

He also indicated that, amongst Financial Services Committee members, there's a growing interest in learning more about the subject and the implications of the tech's use in areas like remittances.

The hearing represents the latest Congressional foray into the world of cryptocurrencies, coming more than a month after the Senate Committee on Banking, Housing and Urban Affairs held a major hearing on the topic that included testimony from Securities and Exchange Commission (SEC) chairman Jay Clayton and Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo. At that hearing, the two notably indicated that their respective agencies could ultimately seek additional oversight powers over the market.

As of press time, no further details have been published regarding the hearing. An agenda outlining the scope of the hearing, as well as who is set to appear as witnesses, is forthcoming, officials said.