For the first time the US House of Representatives has had a very useful debate on Blockchain technology. During the recent debate lawmakers convened an educative and informative discussion on Blockchain technology without bending towards one side due to political wills.
After hearing that China is trying to develop its own state-backed cryptocurrency, Japan has joined arms with other countries to come up with their own government-owned digital asset so it can dominate China’s digital yuan and all other state-owned tokens that will be launched afterwards.
Recently, the United States Senate Committee on Banking Affairs had a hearing on bitcoin, cryptocurrency and blockchain regulation and appreciated the thrilling difficulties in effecting a cryptoasset ban.
The entire blockchain and cryptocurrency community is waiting for clear regulatory hearings organized by the United States (US) Senate Banking Committee which are believed will transform the future of this embryonic digital asset sector when effective regulations are introduced and well implemented.
The recent US senate hearing on the upcoming Facebook cryptocurrency Libra coin caused a $20 billion loss in the cryptocurrency market. Bitcoin initiated a downward trend since crypto market drops $20 Billion in 1 hour following Facebook’s Libra senate hearing. Bitcoin price displayed a fairly better performance in the last two months.
The Supreme Court of India, the country’s top judiciary body, has extended the cryptocurrency case hearing after receiving an official request from the government’s counsel. It was expected that the court could hear about the India’s crypto regulation on March 29 before continuing to address the banking ban by the country’s central bank. The case has now been deferred up to July.
The newly appointed Chairman of the Supervisory Committee Paolo Savona, during the hearing of the Senate Finance Committee, explained the main points of his project on blockchain. Consob also focuses on protecting savings, Borsa Italiana reports.
The Thailand (Thai) Securities & Exchange Commission (SEC) is purportedly considering whether to smoothen the country’s regulation for ICOs. The regulator is carrying out a public hearing to calm down rules on pre-sales and private crypto sales. The SEC has also uncovered plans to stop the usage of crypto sales.
Facebook’s share price finally bounced back a bit when Mark Zuckerberg, the young billionaire, was being questioned at a congressional hearing. However, the market recovery and the testimony of the hearing did not quell the worldwide doubts about Facebook’s massive privacy disclosure. It is almost impossible to rebuild trust once it collapses.