Jay Clayton and Christopher Giancarlo Testify at Hearing on Virtual Currencies

The Senate Banking Committee heard testimony from the chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, on the potential dangers of digital currencies as investments. Their testimony, amid a crackdown on Bitcoin exchanges in China and South Korea, wasn’t as negative as many cryptocurrency investors had feared. Watch complete hearing @ C-Span.

The reaction to this has been overwhelming today, making many cryptocurrency enthusiasts beam with optimism. The star of the show was CFTC Chairman Christopher Giancarlo, who truly seems to believe that blockchain technology is something to be fostered, not hindered with excessive regulation.

As a result, Bitcoin prices rose to $7,650 on Tuesday, after dipping below $6,000 just a day earlier.

View keep points in the hearing and how it affected Bitcoin in a side by side.

Doug Polk breaks down the hearing.

This was a welcomed piece of good news amid tough times on the crypto markets, so let’s take a deep dive in and see exactly what went down.