Folks are being seated and the witnesses have assembled.
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আপনি আপনার টুইটগুলিতে ওয়েব থেকে এবং তৃতীয়-পক্ষ অ্যাপ্লিকেশনগুলির মাধ্যমে অবস্থান তথ্য যেমন শহর বা সুনির্দিষ্ট অবস্থান যোগ করতে পারবেন। আপনার কাছে আপনার টুইটের অবস্থান ইতিহাস মোছার বিকল্প থাকবে। আরও জানুন
Folks are being seated and the witnesses have assembled.
#AgOnCryptopic.twitter.com/eRzhtD41Pb
There’s not nearly enough chairs and the press has packed the room.
Looks like it’s going to be standing room only with a lot of disappointed folks outside.
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The chairman has called the hearing to order.
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The chairman has noted if its not a security it’s a commodity and the problem for cryptocurrency is making such a determination and if current laws and regulations are sufficient.
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The chairman has established Ag’s interest in that they govern existing commodities and commodity futures markets and have the most experience in safe and efficient markets.
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Ranking member Peterson has expressed concern over scams and volatility and how that could impact retail investors.
Mentions 90% of Bitcoin are held by 4% of people.
Peterson mentions he’s skeptical.
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The witnesses are presenting their statements.
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Fairfield from Washington and Lee is up first, and describes blockchain technology as a decentralized database and mentions various use cases, including his own use case of copyright management.
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Fairfield mentions the “duck test” for securities. #quack #quack
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Fairfield approaches the concept of property rights and the maturation of intellectual property and how it is behind in technology of ownership of IP.
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Fairfield notes that use cases are fluid as a function of consensus.
[ Note: great observation ]
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Fairfield mentions those tokens not launched and used as securities should not be judged by that measure.
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Baldet begins by urging for a cautious approach to cryptocurrency regulation.
Calls for consumer protections.
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Baldet continues by highlighting the potential for a mature financial ecosystem with a wide arrange of products with a warning of the specter of regulation.
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Baldet mentions the ability to implement blockchain technology for commodity supply line monitoring and consumer engagement.
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Baldet gives a nod to governance and suggests possible analysis based on “escape hatches” which allow for centralized control.
Mentions back doors are a natsec issue.
[ Note: Bancor whaaaat? ]
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Kupor begins by attempting to redefine the conversation from their perspective as an investor, essentially no longer talking about cryptocurrencies.
[ Wut ]
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Kupor continues with a history lesson on open source software.
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Kupor mentions Android as being open source (but neglected to mention iOS is also Linux).
Now talks of “open protocols” which are implemented by open source software.
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Kupor notes developer communities and calls the token as the glue which binds a network and community together. Says regulation varies based on stages, contradicting the previous two witnesses. Attempts to claim a security becomes a commodity when capital raising is over
[ Which is total bullshit and members shift noticeably ]
Gorfine begins by clarifying his views are his own and not the CFTC. Begins with CFTCs efforts to engage with cryptocurrencies.
Engagement. Experimentation. Education.
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Gorfine defines several benefits of blockchain technology while giving note to the downside such as fraud and mythology.
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Gorfine recalls the CFTC primer from November regarding commodities.
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Gorfine notes nobody can predict where this is headed and again stresses engagement and education.
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Gorfine summons the ghost of Magaziner and the early days of internet regulation focused on principles and not favoritism and picking winners.
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Gensler begins by asking the committee memebets are invested in crypto.
Two members and half the audience.
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Gensler divides the debate into coiners and nocoiners instead of left/right and republican/democrat.
Says the word “maximalist”
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Gensler says public confidence must be increased by bringing crypto inside existing financial frameworks.
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Gensler seems to have his own camera team and isn’t really speaking for the committee as much as the camera.
Mentions ICOs and $20B cap formation and says nearly all are securities ripe with scams and fraud.
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টুইটার তার ক্ষমতার বাইরে চলে গেছে বা কোনো সাময়িক সমস্যার সম্মুখীন হয়েছে আবার চেষ্টা করুন বা আরও তথ্যের জন্য টুইটারের স্থিতি দেখুন।