Home News US Congress prepares to discuss ICO market regulation

US Congress prepares to discuss ICO market regulation

On March 14, Securities and Exchange Commission will present the “Examining the Cryptocurrencies and ICO Markets” agenda in US Congress in front of the House of Representatives Financial Services Committee.

This hearing was announced as “educational” one, that is, purposed at raising the legislators’ awareness in the field before the actual commencement of ICO-related lawmaking. Next step will be that of establishing a regulatory framework that will definitely affect both ICOs and cryptocurrency market as a whole in the short and long run.

It was preceded by a first senatorial hearing in early February which proved that the majority of US Senators still do not have a substantial grasp of the matters related to the essence of ICO phenomenon and cryptoindustry in general. Nevertheless, cryptocommunity tended to show positive reaction to the news of the hearing and so did the crypto markets worldwide as well.

Since then, the discussions aimed at clarifying the legal status of crowdsales has been continuing almost incessantly both among the congressmen and other US regulatory bodies.

Charles Hoskinson, well-known technology entrepreneur and mathematician posted the following twit on the matter:

ICOs Brush Off Regulatory Concerns, Raising $1 Billion for the Third Month in a RowMeanwhile, ICOs keep on multiplying in number worldwide despite all the controversies. According to the latest report by Tokendata website, the first two months of this year saw ICOs raising $2 756 000 000 across the world, that is, 50 percent of the amount raised through the same means during the whole last year.

These figures would be even more impressive, if two largest ICOs, namely, Telegram and Dragon Coin had been included into Tokendata’s statistics. Whereas the latter has allegedly surpassed $320 000 000 benchmark already, the scale of the former is truly unprecedented as it is likely to hit $2 000 000 000 in the nearest future.