From: Recode
A hearing Tuesday in the Senate could be a preview of what’s to come.
For lawmakers on the Senate Banking Committee, their hearing this morning elucidated a fresh sense that federal law may not be fully equipped to deal with a virtual currency that’s now valued at around $113 billion — not to mention the potential for theft and fraud and the arrival of so-called initial coin offerings, which are essentially fundraising rounds that rely on digital tokens.
In response, regulators at two key federal agencies — the Securities and Exchange Commission and the Commodity Futures Trading Commission — sought to strike a delicate balance in their testimony to the Senate panel. They acknowledged there are gaps in consumer and investor protections but stressed their interest in sparing a new, innovative market from too much early regulation.
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