Get Premium Data for Cyber Monday: Up to 55% Off InvestingProCLAIM SALE

Crypto Industry Titans Address Concerns, Future Opportunities Amid SEC Onslaught

Published 09/06/2023, 18:28
Updated 09/06/2023, 19:40
© Reuters.  Crypto Industry Titans Address Concerns, Future Opportunities Amid SEC Onslaught

Benzinga - Coinbase (NASDAQ: COIN) and Binance (CRYPTO: BNB) are being sued for dealing in unregistered securities.

The lawsuits, brought on by the U.S. Securities and Exchange Commission (SEC), add tension to an already highly scrutinized market.

Against this backdrop, industry heavyweights have weighed in on the unfolding scenario.

Also Read: OKX Ignites A Financial Inferno: Torches $258M In Tokens

Gracy Chen, Managing Director of Bitget, acknowledges the challenges posed by the recent regulatory crackdown but remains optimistic.

"We approach the current regulatory issues with caution and seriousness, but crises also bring opportunities, and this market is always full of changes," she said.

Chen also noted that favorable policies are emerging in places like Hong Kong, Dubai, and Singapore.

Blockstation CEO Jai Waterman emphasized the importance of integrating stock exchanges with digital assets in the U.S.

"Having Stock Exchanges integrated with digital assets will allow all participants to plug in, have a central limit order book where all the brokers trade digital securities and digital assets is key," Waterman said.

He also stressed the need for regulators to embrace technology and provide guidance for participants to deal in digital assets.

"The regulatory framework is actually pretty clear, as far as I'm concerned, the Securities Act would cover most digital assets because most activities with cryptocurrencies are digital securities," Waterman explained, calling for training and education for regulators to understand the risks associated with digital assets.

Amboss CEO Jesse Shrader also shared his take on the SEC's allegations against Coinbase's staking program.

“What's clear is that staking as service, Ethereum (CRYPTO: ETH) in general, and the proof of stake model is at best risky from a regulatory standpoint,” Shrader remarked.

He mentioned Bitcoin's (CRYPTO: BTC) being designated as a commodity by the CFTC and highlighted the potential of the Lightning Network as a self-sustaining financial ecosystem.

“The Lightning Network is quickly becoming a self-sustaining financial ecosystem because it solves a real payments problem while creating yield opportunities,” he added.

Arcade co-founder Robert Masiello called for clarity in the U.S. stance on cryptocurrencies.

“I think the U.S. needs to decide publicly if it’s anti-crypto or not. If it is, then it’s obvious that US companies and developers will go elsewhere globally. That’s a large tax-paying base that will go somewhere else,” Masiello opined.

He also emphasized the relevance of the U.S. dollar as a gateway into the global economic system.

Read Next: Crypto Can't Dodge The Law With Fancy Talk, Says SEC's Gary Gensler

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.