With such an increase of popularity among cryptocurrency, governments have been scrambling on how to deal with all this. How to deal with taxes, how to get rid of scams, and how to keep monetary power. So it has been very interesting to see the actions of governments like the US have been implementing to fix their problems. For example, just like the time Texas ordered the cease-and-desist of bitconnect (a well-known scam).
However, this time we are talking about the subpoena of TechCrunch ceo Michael Arrington. More specifically his crypto fund Arrington XRP Capital. Calm down though, he is not going to jail. This is just the crack down from the government on many of ICO creators/investors. At this point in time, almost every crypto fund has a subpoena from the SEC. If any of you remember the government meeting last month about crypto, there stance was pretty positive, with the exception of their opinion on ICO's. They even stated that they will be treating ICO's like securities, so this is further action to act on this.
Why crack down on ICO's? While I do want as less of government regulation as possible, I can see where they are coming from. The recent influx of scams, and ponzi schemes from ICO's is incredible. It has become a new way to raise millions of dollars by just having a decent white paper, and website. Bringing the prevention of these types of currencies as a benefit to us all. With an estimation of 80 subpoenas, how many of these people will be affected is unknown at this moment. The reason I bring up this case with Michael Arrington though, is in light that this is one of the only public cases. In which we can see the full outcome. For all you crypto lovers, lets just watch the reactions of all these people and steem on. See you tomorrow steemians, with a new post!
🔴Thank you for reading my post! I hope you guys enjoyed, and I'll see you in the next post! Feel free to ask questions or comment/upvote! 🔴
- Crypto DJ
Thanks for sharing the news
its important that there should be some rules other wise
whole system will colapse
do visit my blog also
https://steemit.com/health/@maujmasti/vitamin-chart-of-different-foods-part-1
Thanks
Amjad Siddiqui
@maujmasti
Thanks for commenting! Have a great day!