SENATE TO DISCUSS CRYPTO WITH MARKET REGULATORS - OLD MONEY HATES NEW AGED GOLD RUSH

The U.S. Senate’s financial services panel is set to hold discussions with market regulators next month to discuss crypto's "amid rising concerns over the risks cryptocurrencies pose to the financial system," reports Reuters.

The Senate Banking Committee will take testimony from Commodity Futures Trading Commission Chairman Christopher Giancarlo and Securities and Exchange Commission Chairman Jay Clayton in early February, according to a person with direct knowledge of the matter.

From Reuters:

Concerns about a bubble in the bitcoin market have heightened since the currency soared to record highs of more than $19,000 in December - only to then slump more than 28 percent. On Wednesday, bitcoin was trading at $14,676, according to prices compiled by the Luxembourg-based Bitstamp exchange.

The emerging asset class has created a divide among Wall Street and central bankers alike over whether it is a legitimate and sustainable financial instrument.

The SEC and the CFTC have been increasing their jurisdiction over the cryptocurrency market, which has no overriding U.S. federal regulator. Both watchdogs have warned of the considerable risks posed by the volatile currency and have said they may not be able to protect investors from cryptocurrency fraudsters.

As government braces to take a more present role in the cryptomarket it will be interesting to see how market sentiment reacts.

Also, the fact that this Reuters report states that the state is swooping in "amid rising concerns over the risks cryptocurrencies pose to the financial system" shows that old money, traditional institutions are scared of this new asset class and have the desire to control it.

Currently, the market cap for all crypto's stands at $673,050,267,648. That is $673,050,267,648 not in governments control. Think about that ... the regulations to come are coming out of fear of losing control.

OLD MONEY HATES CRYPTO BECAUSE THEY CAN NOT CONTROL IT.