The committee will come to order. Before we begin, i want to remind all members we are in open session. We will discuss unclassified matters only. Please have a seat. Our members may be wandering in a bit late. We are here until 1 00 in the morning. But those in Armed Services were here until about 5 00 or 6 00 in the morning. So a few groggy members here on the committee. In the heat of the 2016 election, as the russian hacking and dumping operation became apparent, my predominant concern was that the russians would begin dumping forged documents along with the real one that is they stole. It would have been all too easy for russia or another malicious actor to see forged fox sh documents among the authentic one that is will make it impossible to identify or rebut the fraudulent material. Even if the victim could expose the forgery for who it was, the damage would be done. Three years later, were on the cusp of a technolaj cal revolution that could enable even more sinister forms of d
6 00 in the morning, so we have a few groggy members here on the committee. In the heat of he 2016 election, as the russian hacking and dumping operation became apparent, my freedom unanimous concern was that the russians would begin dumping forged documents along with the real ones they stole. It would have been too easy are russia or another malicious actor to seed formed documents among the how then tick onestake toe make almost imfor identify or rebut the fraudulent material. Even if a victim could expose the foreign ricer the damage would be done. Three years later were on the cusp of a technological revolution that could enable even more sipster forms of deception and disinformation by malign actors, foreign or domestic. At vanses in a. I. In Machine Learning let to emergence of advanced digitally doctored types of media, so called deep fakes, that enable malicious actors to foment okay or crisis and disrupt entire campaigns, including that for the presidency. Rapid progress inar
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
Do not use it to say other communities matter but to really focus on black people and be of solidarity. Watch afterwards on cspan to book tv. A hearing on efforts to regulate Virtual Currencies. With the securities and exchange commission. On actions taken by their agencies. Its just under two hours. The committee will come to order. This morning we will receive testimonies from sec chairman. And cft chairman chris giancarlo. On the growing world of Virtual Currencies and what is shown in their two currencies. Type of money that can be traded. We are used to purchase goods predominately online. They are selling virtual coins or tokens to initial coin offerings also known as icos to raise capital. Especially given that meteoric rise in valuation. Just for perspective on january it broke the 1,000 barrier and then peaked in december of 2017 as of this morning is trading at roughly 6,900. The market capitalization is a roughly 115 billion. This is an incredible rise and given that in 2013