I think it's a shame the industry is being boxed in like this.
Sure crypto is like a lot of financial instruments. However it's not a stock, bond, commodity, security. It's cryptocurrency. This is something entirely new. Something completely different. Although similar to other financial instruments in many ways, it is still much different then anything before it. Different enough to constitute a need for "special regulatory frameworks".
The SEC is simply protecting the "old guard" of traditional banking and finance. They are doing everything in their power to make life difficult for people involved in the crypto industry.
The crypto industry is about to disrupt everything in the financial sector and they know this. Control the money, control the world and they're about to lose control!
They shouldn't be lumping this in with existing regulations. They should be forming some type of coalition with industry leaders and figuring out a regulatory framework for this VERY important industry that's still in it's infancy. This is something completely new, and needs a new set of rules. THIS CHANGES EVRYTHING... and they know it!
We are wrong to treat crypto like anything that came before it. This is something completely new and completely different. They need to stop protecting an old out dated way of doing things, and step up to support the FUTURE of finance.
In the end, we're only hurting ourselves, because we'll see this industry move to other parts of the world with friendlier regulations. We've already seen exchanges "blacklist" supposedly free countries. We're already seeing major investors heading to friendlier shores for tax havens. It's just a matter of time until blockchain companies say screw this and move to friendly shores as well!
What's happening now is a half assed attempt to pretend like they're regulating the industry while trying to figure out how to stop it! That's my take at least.
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