Who will control the crypto business?

 

There is now a lively debate about what the regulation of the crypto market will look like. Negotiators have not yet been able to agree even on the underlying facts, such as the economic nature of the cryptocurrency. This will determine the details of the future legislation, and such details determine everything. For example, the US SEC requires that the crypto, with the exception of Bitcoin, be recognized as a security, which ensures that the entire crypto business will go under SEC control.

 

My question is: where is the balance between freedom and legislative restrictions? It is naive to think that crypto business does not need laws. You do need it!

 

And what are we going to do, for example, with scam and hacker attacks? Again, balance is important.

 

There’s an interesting pattern: the higher the morality level in society, the less you need laws. Alas, we are still a long way from this level, so we will have to deal with law making, In legislative control two components are important: what is controlled, what "parameters" and who is physically responsible for control. The second question I am interested in is: who is in charge of monitoring"?

 

Is it SEC?

 

No, thank you. The American regulator’s ambition extends to the entire world, and it is clearly sharply negative towards crypto business. In fact, any state body in any country will be determined to impose maximum control, that is the nature of power.

 

An alternative would be to merge the crypto community with a regulatory system within itself. Control cannot be the goal, the only understandable and necessary goal is to create a zone of fair and safe crypto business. Is it possible, given the significant level of scam? Yes, it is real. And, most importantly, the alternative will be strict administrative control by states. And this - definitely will not benefit for all of us.

 

#cryptobusiness #regulatorysystem #alternative