US Senator spoke in favour of protecting cryptocurrency investors
In light of the growing interest in digital assets, US Senate Banking Committee Chairman Sherrod Brown has demanded that federal regulators increase oversight of the cryptocurrency industry.
Brown wrote to Treasury Secretary Janet Yellen, Securities and Exchange Commission (SEC) head Gary Gensler and Commodity Futures Trading Commission (CFTC) chief Rostin Benham, urging them to provide greater transparency and protection for cryptocurrency investors.
Brown wrote to Treasury Secretary Janet Yellen, Securities and Exchange Commission (SEC) head Gary Gensler and Commodity Futures Trading Commission (CFTC) chief Rostin Benham, urging them to provide greater transparency and protection for cryptocurrency investors.
The senator pointed out the high risks associated with investing in cryptocurrency tokens, which are not subject to proper disclosure and can be subject to fraud, manipulation and hacking. According to him, cryptocurrency investors lost around $10bn in 2022 alone due to these factors.
"Investors should be able to make informed decisions about their finances, rather than relying on blind faith in unregulated and unproven projects," Brown said.- mechanisms of shorts, stop-losses, take-profits.
"Investors should be able to make informed decisions about their finances, rather than relying on blind faith in unregulated and unproven projects," Brown said.- mechanisms of shorts, stop-losses, take-profits.
US Senator spoke in favour of protecting cryptocurrency investors
Brown is not the only politician who is in favour of greater oversight of the US cryptocurrency industry. SEC chief Gary Gensler said in September 2023 that digital assets pose a threat to global financial stability and security and called on Congress to give him more authority to oversee the sector. is set by certain parameters - opening and closing positions, fixing profits and others, and their volume can vary. A simple robot can buy on fall and sell on rise, more sophisticated programs take into account additional parameters when placing orders. For example, they will start to buy assets when the fall of an asset is under 10% but stop when it exceeds 25% in order not to fall into a downtrend.
Pros and cons of trading bots
All trading robots have one undeniable advantage: they are unemotional. On the stock market, this quality is especially valuable. In addition, they are not subject to such human weaknesses as greediness and indecision, they act according to a pre-set program, and are not tempted to buy on the maximum, and sell on the minimum, while risking all profits.Bots are able to process such volumes of information at a speed at which even the human genius brain can't do it, the technical analysis they have mastered "perfectly". They do not get tired and will always be accurate in placing orders within a given program. Automation saves a lot of time for the trader and allows trading on several platforms at the same time.
However, no one is without disadvantages.
Virtual traders are not strong in fundamental analysis. They lack intelligence. It is better to take into consideration the influence of such a factor as a vaccine development or a program statement of heads of states.
Any deviation of the situation from the set standard can throw the algorithm into a stupor. More precisely, it will continue to act, but according to the scheme, regardless of the changed circumstances.
And finally, it is not easy to buy a perfectly written computer code.
Sherrod Brown is an American politician, a member of the Democratic Party, and a U.S. Senator from Ohio since 2007. He is Chairman of the Senate Banking Committee and Vice Chairman of the Senate Ukraine Support Caucus. Brown was born on 9 November 1952 in Mansfield, Ohio, and graduated from Yale University and Ohio State University. He was a member of the Ohio House of Representatives, Ohio Secretary of State and a member of the U.S. House of Representatives before his election to the Senate.The necessity of using a bot does not depend on the qualifications of the trader, but rather on the amounts that he operates. A virtual assistant should have sufficient financial room for maneuvering. Many trading robots require a range of transactions starting from at least half a million rubles to work properly.
In 2020, Brown advocated for the implementation of a digital dollar. The senator proposed legislation that would allow every U.S. citizen to create a digital dollar wallet, a free bank account that could be used for incoming transactions, making payments and receiving cash. It is too early to put a point in the argument whether a robot or a human is more functional and efficient on a trading floor. You should certainly not put the responsibility entirely on the bot. But it can become an excellent assistant under careful guidance.
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