Cryptocurrency executives must work with the regulators instead of being their adversary for the sector. It will help to grow the potential of that sector. The members of the digital currency panel at Wall Street’s SALT conference urges crypto CEOs to cooperate with the regulators.
Kevin O’Leary has recently made his investment in WonderFi, which is a crypto aggregating platform. He has called the other crypto CEOs of the companies to opt for the adoption of an accommodating tone. He thinks that the current lack of compliance in the field is keeping all the crypto investors at bay.
O’Leary invests in entrepreneurs on the business reality TV show “Shark Tank.” He was present at the SALT event. SALT is one of the premier hedge fund industry conferences which takes New York.
Also, Jeremy Allaire, the chief executive of Circle, a blockchain-based payment platform, said the new products in the space must fit the regulatory model. Having a framework can reduce the risk and promote wider adoption.
Crypto asset marketers are facing regulatory concerns. Lawmakers have more power to control trading. But people in the industry do not always welcome them warmly.
The chair of the US Securities and Exchange Commission, Gary Gensler, called on Congress to offer the agency more authority. He said it enables policing of crypto trading, lending, and platform. It is kind of “WildWest,” which gets riddled with fraud and risk of investors.
Coinbase Inc CEO Brian Armstrong criticized the legal notice of SEC. It has forced the crypto exchange operator to halt the launch of its Lend products. The stock of the company has shed around 10%. On the other hand, bitcoin has dropped up to 30%.
Having the government stamp will help to knock down all the barriers. The real evidence of it is the launch of the world’s first crypto exchange-traded fund in Canada, which is attracting a huge inflow.