Today’s long-scheduled Senate Banking Committee oversight hearing on virtual currencies (VCs) took a turn for the dramatic today in light of bitcoin’s plunge and larger market-stability worries. As this report details, SEC Chairman Clayton and CFTC Chairman Giancarlo laid out somewhat different views of VC risk, with Mr. Clayton so wary of VCs that he suggested future legislation might be requested following an inter-agency assessment. Senators from both parties expressed considerable concern about inadequate regulation and supervision in this arena, with both Chairman Crapo (R-ID) and Ranking Member Brown (D-OH) beginning the process of determining if the SEC and CFTC need added authority.
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