Crypto developers should work with the SEC to find common ground
Regulators are tasked with striking a balance between protecting consumers and creating environments where entrepreneurs and the private sector can thrive. When markets face distortions, perhaps due to an externality or information asymmetry, regulation can play an important role. But regulation can also stifle entrepreneurship and business creation, making society and its people worse off. The United States Securities and Exchange Commission has been particularly hostile towards cryptocurrency businesses and entrepreneurs. For example, SEC Chairman Gary Gensler noted that he views Bitcoin (BTC) as a commodity, but many other “cryptographic financial assets have the key attributes of a security.” He reiterated the line in a bombastic Aug. 19 op-ed for The Wall Street Journal, saying “you can replace ‘crypto’ with any other asset” when talking about securities regulation. But rather than “regulate by editorial,” as some crypto enthusiasts have phrased it, a better strategy would be for developers, investors, and regulatory agencies — like the SEC — to work together at least around common standards that can improve the quality of projects as a whole and establish best practices that the entire community of Web3 participants will benefit from.
Whole story : Crypto developers should work with the SEC to find common ground.
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