Topic: [2018-04-25] Former top Wall Street regulator turns to blockchain (Read 120 times)
Cryptocurrency just like many other new industries will always have participants and players who are out there just for the money nothing more nothing less and these are the people that can put dark spots on this industry...and individually we can not stop these people from doing what they want to do. This can be the basis why there is a need to put up an acceptable regulatory framework to help weed out these players but at the same will not kill or stifle innovators using the cryptocurrency platform.
April 23, 2018, 08:43:02 PM
I reckon categorizing ETH, XRP and some of the rest as securites and labeling them to fall under the SEC's regulatory rules in America would stifle innovation and would also scare the innovators away out of their country.
I have expressed some disapproval on some ICOs, but it is in my opinion that they should be given some room to move and innovate.
Mr. Gensler, 60, has recently gone to work at the Massachusetts Institute of Technology, where he will write and teach about the potential he sees for blockchains to change the financial world.
He will also use his position to warn about how many of the current projects in the world of virtual currencies, including some of the biggest, are likely to face a significant moment of reckoning with regulators.
Mr. Gensler is set to say in a speech at M.I.T. on Monday that the second and third most widely used virtual currencies, Ether and Ripple, have most likely been issued and traded in violation of American securities regulations.
"2018 is going to be a very interesting time,” Mr. Gensler said. “Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law.”
The people behind both Ether and Ripple have argued that their tokens are not securities. But there are signs that the S.E.C. could be receptive to Mr. Gensler’s argument. Regulators have indicated in private meetings with industry participants that they are considering whether Ether should be categorized as a security.
Read the full article https://www.nytimes.com/2018/04/22/technology/gensler-mit-blockchain.html
I have expressed some disapproval on some ICOs, but it is in my opinion that they should be given some room to move and innovate.
Mr. Gensler, 60, has recently gone to work at the Massachusetts Institute of Technology, where he will write and teach about the potential he sees for blockchains to change the financial world.
He will also use his position to warn about how many of the current projects in the world of virtual currencies, including some of the biggest, are likely to face a significant moment of reckoning with regulators.
Mr. Gensler is set to say in a speech at M.I.T. on Monday that the second and third most widely used virtual currencies, Ether and Ripple, have most likely been issued and traded in violation of American securities regulations.
"2018 is going to be a very interesting time,” Mr. Gensler said. “Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law.”
The people behind both Ether and Ripple have argued that their tokens are not securities. But there are signs that the S.E.C. could be receptive to Mr. Gensler’s argument. Regulators have indicated in private meetings with industry participants that they are considering whether Ether should be categorized as a security.
Read the full article https://www.nytimes.com/2018/04/22/technology/gensler-mit-blockchain.html
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