SEC Chairman: We Might Ask Congress for Additional Legislation to Regulate Virtual Currency SEC Chairman: We Might Ask Congress for Additional Legislation to Regulate Virtual Currency – NTK Network

SEC Chairman: We Might Ask Congress for Additional Legislation to Regulate Virtual Currency

"We may be back with our friends from Treasury and the Fed to ask for additional legislation."

By NTK Staff | 02.06.2018 @12:03pm

Securities and Exchange Commission (SEC) Chairman Jay Clayton told the Senate Banking Committee on Tuesday that they might come back to Congress to ask for legislation that would regulate virtual currency, like Bitcoin, in the future.

Sen. Richard Shelby (R-AL) asked Clayton whether the SEC needs additional legislation to regulate the booming virtual currency industry.

“I can’t give you a definitive answer to that question because we should work together. But, Senator, we may be back with our friends from Treasury and the Fed to ask for additional legislation,” Clayton told Shelby.

The New York Times recently profiled the numerous problems that virtual currencies like Bitcoin have experienced in recent months, and referred to these virtual currencies as “Ponzi schemes.”

According to the New York Times:

“The scale of those problems is starting to become clear as digital tokens have slid more than 50 percent in value from their peaks in early January, with steep drops on Monday pushing the value of Bitcoin specifically below $7,000.”

“Hackers draining funds from online exchanges. Ponzi schemes. Government regulators unable to keep up with the rise of so-called cryptocurrencies. Signs of trouble have appeared at nearly every level of the industry, from the biggest exchanges to the news sites and chat rooms where the investment frenzy has been discussed.”

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