Regulation is coming, and it is coming worldwide. To me the senate hearing showed the oposuite of what most people got out of it.
While the hearing could have been a lot worse, I’m afraid that we may be duped. A televised hearing is an opportunity for politicians to show off their skills and “wise demeanor”. These people are actors and can play to the audience. Their true face comes out behind closed doors, far from millions of eyes that can see their deviousness.
Make no mistake, the true mandate of the SEC is to serve Wall Street, not main street. Their very existence is based on legitimizing ways for their masters to fleece the little guy. (Think High Frequency Trading).
Keep a keen eye on what they do, not what they say.
These are the foxes telling the kitchens they are here to help.

The good news is that clearly they don’t have a handle on the crypto space and don’t yet know how to intervene.