Commentary

Erik Hoel
Traders Magazine Online News

Will The Bitcoin Bubble Pop Or Will It Envelop Us All?

Guest contributor Erik Hoel asks the question whether the worst is over for bitcoin holders, or still yet to come, what is yet to come? And why.

Traders Poll

In your opinion, what is the biggest hurdle facing the blockchain?

Cost of implementation

17%

Too many systems available

23%

Not applicable to my business

3%

Uncomfortable with the technology

33%

Nobody else is using it

23%

Free Site Registration

July 31, 2001

Section 31 Update

By Gregory Bresiger

It's now up to the new Senate Majority leader.

The work of several years of lobbying by the Security Traders Association now hinges on the view of Tom Daschle, leader of the Democrats in the U.S. Senate. He now is the key man on the fate of Section 31(a) reform, which would reduce stock transaction fees as well as provide pay parity for the staff of the SEC. The measure already easily passed in the U.S. House of Representatives and a slightly different version previously passed in the Senate. The delay in the legislation has been caused by the differences between the House and the Senate bills.

"We cannot overemphasize our strong support for both provisions of this legislation," STA officials wrote in a letter to Daschle. The Bush Administration has indicated the president will sign the measure into law if the Congress gives final approval. As Traders Magazine went to press, STA officials were hoping that their battle to reduce these fees was about to be successfully concluded. In several previous Congressional sessions, STA's efforts failed to reduce the bothersome fees, which the trading industry charges have become de facto taxes.