Virtual currencies are meant to act as a type of money that can be traded online exchanges for conditional conventional currencies such as dollars. Or use to purchase goods and services predominately online. Developers, businesses, and individuals are selling through selling Virtual Currencies through initial point offerings to raise capital. Year, manyst americans have become increasingly interested in Virtual Currencies especially given the meteor rise in valuation in recent fall bitcoin. Just for perspective, on january 2 last year, bitcoin broke the 1000 barrier and then peak in december at a way thousand dollars and as of this morning is trading at roughly 6,900. Today, the market capitalization of bitcoin is roughly 115 billion. Regulators and heads of industry educate investors. Part, the sec as put forth many statements and guideposts to help the markets and investors. Has issued sec bulletins on initial coin offerings. Theyve issued several enforcementbrought actions against f
Committee met to discuss Virtual Currency, the Commodity Futures Trading Commission discussed the oversight and regulatory actions thus far. This is just under two hours. The committee will come to order. This morning we will receive testimony from sec chairman jay clayton, and cftc chairman Chris Giancarlo on the current world of the oversight conducted by their two agencies. Welcome, gentlemen. Virtual currencies are meant to act as a type of money that can be traded on online exchanges for conventional currencies such as dollars. We are used to purchased goods or services predominantly online. Additionally, developers and businesses and individuals are selling virtual coins or tokens through initial coin offerings also known as icos to raise capital. Over the last year, Many Americans have become increasingly interested in Virtual Currencies especially givenet meteoric rise in valuation and recent fall of bitcoin. Just for perspective in january 2 of last year, bitcoin broke the 1,0