Bipartisan Support in Congress for Cryptocurrency Regulation

Congress is considering federal rules for cryptocurrency to impose a federal oversight that has thus far been lacking. In the Senate and the House, both Democrats and Republicans — even free-market conservative Republicans — are addressing the risks highlighted by recent events involving fraud and hacking. All parties see the potential risk to the U.S. economy posed by speculative trading of the various popular virtual currencies. Lawmakers propose that the Securities and Exchange Commission lead the issues. Continue reading Bipartisan Support in Congress for Cryptocurrency Regulation

Cryptocurrencies Are Experiencing a Significant Drop in Value

Those who doubted virtual currency have had their worst fears confirmed: cryptocurrency’s value has plummeted 50 percent from its peak in early January, pushing Bitcoin, for example, below $7,000. Among the problems bedeviling virtual currencies are hackers, scams and Ponzi schemes. Now, the Securities and Exchange Commission and the Commodity Futures Trading Commission are scheduled to testify to the Senate banking committee about how they have been trying to corral cryptocurrency markets. Continue reading Cryptocurrencies Are Experiencing a Significant Drop in Value