The US Securities and Exchanges Commission Chairman (SEC) Jay Clayton is expected to testify that he supports cryptocurrency regulation to the Senate later today. In prepared speeches uploaded to the US Senate website for the 'Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission' hearing, the chairman will express his support for the cryptocurrency. He will note that "regardless of the promise of this technology", users deserve the full protection of the federal securities laws. The enthusiasm that drives the current Bitcoin market leaves vulnerable investors open to "Fraudsters and other bad actors." He is also expected to testify to the following at the hearing: It appears that many of the U.S.-based cryptocurrency trading platforms have elected to be regulated as money-transmission services. Traditionally, from an oversight perspective, these predominantly state-regulated payment services h...
