Will Cryptocurrencies Be Regulated Finally? United States Senate To Meet On Regulating The Cryptocurrency Industry 

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Cryptocurrency News Today – CEO of Binance Changpeng Zhao believed that the attention the cryptocurrency industry was getting from the US government was a good thing. He even called it a win for the cryptocurrency market, but the cryptocurrency latest update is all about the debate coming up in the senate regarding cryptocurrency. In light of the US President Donald Trump’s speech berating the cryptocurrency industry and calling it a haven for criminal activities, a senate debate may not be a step in the right direction. The secretary to the Treasury Stephen Mnuchin and the chief of the federal reserve joined their boss in commenting negatively about the cryptocurrency industry.

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Not long after the government aired their views, a committee was set to look into Facebook’s decision to enter the cryptocurrency market with Libra. The government criticized Facebook’s decision to launch Libra, saying that Facebook could not guarantee users privacy. The cryptocurrency industry became the focus of attention as their viability and potential for negative exploit came into play.

The banking committee of the US senate is geared to tackle the enigma that is the cryptocurrency market. A debate will be held next week to discuss the future of the cryptocurrency industry and maybe lay guidelines and cryptocurrency regulations to govern the operation of the industry. The meeting which is being held next week on the 30th of July 2019 will look into forming regulatory frameworks that will govern the digital currencies and the blockchain industry.

Cryptocurrency news today gathered that the planned witnesses to speak on the day of the debate would be Jeremy Allaire and Rebecca M. Nelson. Jeremy Allaire, the CEO of Circle, a payments company, would be talking on behalf of the Blockchain Association while Rebecca Nelson, a specialist in International Trade and Finance will be talking on behalf of the congress.

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Facebook Libra has been in the spotlight and has become the poster child for the cryptocurrency industry. The upcoming debate comes just after Facebook had to face the senate’s banking committee. During the hearing, issues bordering on privacy, trust, and regulations were brought up. One of the challenges brought up was on the grounds of trust. Cryptocurrency news today learned that the CEO of the Facebook’s planned cryptocurrency wallet David Marcus was quizzed on the fine of $5billion imposed on Facebook for a privacy violation.

Analysts and researchers of the crypto market are divided over their opinion as to the importance of the upcoming debate. Some believe that the attention the cryptocurrency industry was getting spelled an impending doom of the crypto market. They believe a cryptocurrency ban was a likely outcome of the upcoming debate.

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Other analysts see the attention as positive as they postulate that they cryptocurrency industry cannot be squashed. They believe that the attention would only bring in more people into the cryptocurrency fold. They cite Japan and India as examples of the indomitable nature of the cryptocurrency industry. In their own words, the cryptocurrency industry was here to stay.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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