This is a topic I most likely will get back to time and time again: my worry of big banks taking over the blockchain space and ruining all the good work that has been done so far. One could argue that success has to a degree already been achieved, bitcoin (and other crypto tokens/currencies like ether and ripple) is way more accepted and accessible than even just 6 months ago. But for most people, bitcoin et al still doesn't play a big, if any, part in their everyday life.
And here's my worry: for the average skeptical person to trust a currency and a payment system so different from what they know, will it not need at least the backing of a known (banking) brand? It's not like the banks won't try. Even back in 2013 JP Morgan filed a patent for what they were hoping to become a bitcoin killer, but that obviously didn't work. Fast forward 4 years and the big banks are filing numerous patents everyday, trying to figure out if and if so how to own this space. I don't see how they would be able to, but then again I think it's naive to believe they won't give up without a huge, messy fight. Not unlikely involving government banking them up with regulation, shutdowns and confiscation.
On the other hand it's not like any of the banks' brands are held in that high regard, I bet most people would love to not have to deal with them at all if only they could figure out how. I am assuming the decentralized aspect of blockchain is what would save us, if anything. But is that enough, if say banks start acquiring some of the main players in the field? Not to mention all the projects that are already adjusting their offerings to adhere to existing financial regulation from the start. How are these going to be disruptive in any real sense of the word?
Protecting investors in ICOs (i.e. many of us) is one thing, and there is definitely a need for a more coherent reporting structure in this space. And I guess that is what the SEC is aimed to do too, at least in theory. I just wish we could figure this one out between ourselves, rather than adopt a system that has never really managed to foster grassroot initiatives anyway but just accumulated wealth upwards to the top.
