The chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission in their talks have been laying great emphasis on the big virtual currency regulation game. It was on Tuesday when the Senate’s banking committee disclosed that it would be making a consideration on whether or not to back it up.

Idaho ranking member Sen. Sherrod Brown and Republican Sen. Michael Crapo have plans underway to conduct a full Senate Banking Committee hearing and their target will be to carry out an exploration of the CFTC and SEC oversight role for virtual currencies.

A person familiar with the matter said, “The SEC’s Jay Clayton and CFTC’s J. Christopher Giancarlo teamed up in an op-ed in The Wall Street Journal, to stake out their claims on regulation of blockchain-related initiatives including cryptocurrencies and so-called initial coin offerings or ICOs.”

They admitted that the major challenge for them was the measures to put in place towards ensuring that the market innovation took root while at the same time upholding transparency, market integrity and investor protection.

While making his statement on Tuesday, Clayton proceeded to outline that each and every investor deserved the full protections afforded under securities laws. There is much enthusiasm in the air since everyone wants to get a profitable piece of a new technology before time runs out. Clayton will soon be addressing senators and it has been revealed that he will be pretty clear in outlining that other bad actors were a major drawback to the enthusiasm.

One rather notable aspect about Giancarlo lies in the fact that he is quite mindful in terms of the testimony he gives. He is assertive on the great need to maintain perspective at all times. According to him, virtual currencies have different meanings to different persons.

To some it pulls along with a significant potential to generate riches. To another group it is a fraud and that is by looking at it from the perspective that it is an allure or form of temptation. An attorney working with Pomerantz LLP Joshua Silverman says that there is need for a clear indication that regulators will protect investors by barring efforts by promoters to circumvent the various investor protections.