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Crypto business at YahooAMS pleased with Senate hearings

07 February 2018 21:00, UTC

The recent Senate hearings with the leaders of the United States Securities and Exchange Commission and the Commodity Futures Trading Commission were a relief, conclude the members of the finance summit held by Yahoo yesterday.

This sentiment corresponds with the recent dynamics of Bitcoin. After the hearings it jumped from $6000 (humiliating for investors right now, a fabulous number a year ago) to $7500. This was not, as it turns out, the end: at the press time, Bitcoin already costs $8030.

Hearings aside, the participants ironically noted how at Davos, everybody talked about deregulation of anything but the crypto market. Ripple CEO, recently becoming #1 in the Forbes’ list of cryptocurrency entrepreneurs, told about how important it is not to spread business efforts and that it’s better to focus on the narrow list of customer needs instead of trying to please everybody. This matches up with the policy of his organization, as Ripple, despite all criticism, continues to sign agreements with Asian financial organizations one by one.

Other corporate representatives once again reiterated the importance of the new market and innovations it could bring, particularly in the field of cross-border payments and finance. The CEO of GrayScale, however, has more realistic approach towards ICOs and smart contracts: he believes that there’s going to be only one smart contracts platform and one privacy token in the future, as others don’t have a real utility. This is not unlike the old statement of Vitalik Buterin on what fate awaits 90% of ICO startups.