- Members of the digital currency panel opined that there is a need to work together with the regulators
- New products in the space that should fit the regulatory model
- Agency more authority to improve policing of cryptocurrency trading, lendings and platforms
To attain the future growth of the cryptocurrency industry and see the industry equipped for this new growth, it is important for the advocates of the cryptocurrency to adopt an approach that is capable for the sector to grow to its potential. The executives of the cryptocurrency should work with regulators rather than being their adversary.
In a recent event held in the U.S. SALT conference organized by Wall Street was attended by the who’s who of the industry. The members of the digital currency panel opined that there is a need to work together with the regulators to make the crypto industry more productive and have potential for the future.
Kevin O’Leary, who has invested in WonderFi, a crypto aggregating platform has urged the leaders of the companies to adopt an accommodating tone and shares that the present lack of compliance in the field is keeping investors at bay. O’Leary has been investing in the entrepreneurs on the business reality TV show Shark Tank and was present at the SALT conference where he shared his views with the stakeholders.
SALT event is one of the premier hedge fund industry conferences held in New York. Echoing the sentiments of Leary, CEO of blockchain-based payment platform Circle, Jeremy Allaire said that the new products in the space should fit the regulatory model. If a proper framework is developed, it would reduce risk and encourage wider adoption.
Currently, regulatory concerns are among the biggest issues facing the crypto-asset markets. Lawmakers are seeking more powers to control trading, but that has never been welcomed by people in the industry.
Gary Gensler, US Securities and Exchange Commission Chairman had in August took a step to call Congress and asked to give the agency more authority to improve policing of cryptocurrency trading, lendings and platforms, a wild-west he mentions is bundled with fraud and investor risk.
Brian Armstrong, CEO, Coinbase Inc. has also criticised the SEC last week. The legal notice issued by SEC has forced the cryptocurrency exchange operator to stop the launch of its interest-bearing lending product. The company’s stock has slumped to 10% since then and the Bitcoin price has also gone down to more than 13%. The issue with the digital currency was compounded with the technical snag during its rollout in El Salvador.
With the government stamp of approval, there would be no barriers ahead.