![tunnel-3114363_960_720.jpg](https://steemitimages.com/DQmNR2aPRJBnYsdZD2ZA9Dh2XnuXMNi81uPoe2c6b4ktRXo/tunnel-3114363_960_720.jpg)

The Securities and Exchange Commission (SEC)and Commodities and Futures Trading Commission (CFTC) representatives testified yesterday evening (Europe time) in front of the Senate Banking Committee. The testimony was pre-released already earlier on [banking.senate.gov](https://www.banking.senate.gov/public/_cache/files/a5e72ac6-4f8a-473f-9c9c-e2894573d57d/BF62433A09A9B95A269A29E1FF13D2BA.clayton-testimony-2-6-18.pdf) and recapped by [bitcoin.com](https://news.bitcoin.com/senate-releases-testimonies-ahead-of-crypto-hearing/). 

<center>![jay clayton.jpg](https://steemitimages.com/DQmaoypVfN33PDpc63RHL8BtfkwauaV1cbSt9PGionkoiTQ/jay%20clayton.jpg)
*<sub>SEC chief Jay Clayton. Image from [bitcoin.com](https://news.bitcoin.com/senate-releases-testimonies-ahead-of-crypto-hearing/)</sub>*</center>

The whole testimony is probably not very interesting for most of the readers, but it definitely was not as negative as many expected. Key takeaways were:

- SEC wants to crackdown on fraudulent ICOs
- both SEC and CFTC stated that crypto markets in the US require a coordinated regulatory scheme, and that the feds may need more power to enforce the rules
- no China style crackdown planned

>“We owe it to this new generation to respect their enthusiasm for virtual currencies, with a thoughtful and balance response, and not a dismissive one,” said Giancarlo, chairman of the Commodity Futures Trading Commission. Giancarlo admitted, that without Bitcoin, there would be no distributed ledger technology.

![ledger tech.JPG](https://steemitimages.com/DQmdtyiQKFEyyc7cSBaxjDmUN6iNhAfAXgJrrKXgQXCi676/ledger%20tech.JPG)
*<sub>Via [fortune.com](http://fortune.com/2018/02/06/bitcoin-price-cftc-sec-cryptocurrency-hearing/)</sub>*

So there is no reason to worry for blockchain bulls - the regulations were bound to happen and once it's all done and dusted, maybe we can move on to proper crypto trading. After the hearing, Bitcoin managed to squeeze out a short relief rally, rising as high as 7880, from it's low point of 6000.

Read a short report of the hearing at [fortune.com](http://fortune.com/2018/02/06/bitcoin-price-cftc-sec-cryptocurrency-hearing/)


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**BITSHARES**

On February 2nd, Weiss Ratings Agency, the same one, that created a furore with publishing it's cryptocurrency reviews and leaving Bitcoin with a C+, has upgraded Bitshares' rating to B- from C+, effectively lifting into the top 6 cryptos out there.

![bitshares upgraded to b minus on weiss.JPG](https://steemitimages.com/DQmQtvEwdNgCeqwb4pzhdKmcEeypUqvJ1LXk6D26dDAqWFR/bitshares%20upgraded%20to%20b%20minus%20on%20weiss.JPG)
*<sub>[Source](https://twitter.com/bitshares/status/959805781729267713)</sub>*

The top 6 in Weiss Ratings are currently held by Cardano, EOS, Ethereum, NEO, Steem (of course) and Bitshares. No cryptocurrency currently holds an A rating.

Visit Weiss Ratings here [https://www.weissratings.com/](https://www.weissratings.com/). The original Report is behind a paywall, but the recaps and reviews are freely available on the internet.



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Check out [Chainbb](https://chainbb.com/), an alternative frontend for STEEM network. If you like forum style, that's the platform for you.

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*<sub>Title image from pixabay</sub>*

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