BLOCKCHAIN

THE US WANTS TO BETTER UNDERSTAND CRYPTOS: The US Congress will hold two separate hearings related to cryptocurrencies today. The House Committee on Financial Services will discuss whether crypto can be a new form of money, while the House Agriculture Committee will hold a meeting dubbed “Cryptocurrencies: Oversight of New Assets in the Digital Age,” which will examine the regulatory challenges of cryptos. The Commodity Futures Trading Commission (CFTC) has already warned investors about initial coin offerings (ICOs) and crypto assets, and encourages consumers to research projects before investing. It argues that there is no standard yet as for how to value a digital coin, and demand for coins can rapidly change their value. Additionally, it warns investors of potential fraud, and with 78% of ICOs being scams, this seems quite reasonable. It is wise of regulators and committees in the US to further examine the risks of cryptos, which is in line with efforts from regulators in Europe, while also putting efforts into continuing to warn investors to ensure they are aware of the potential risks.

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