The Crypto Industry Needs Regulation to Mature, Experts Argue
2022.06.30 03:30
The Crypto Industry Needs Regulation to Mature, Experts Argue
- The CEO of Domain Money argued that “it is essential that this industry matures” and that regulation is a crucial step towards that maturation.
- The CEO of Microstrategy (NASDAQ:MSTR) agrees with the idea of crypto regulation but with a clause.
- Investors should hang on to Bitcoin until there is “enlightened regulation,” he added.
Cryptocurrency regulation has remained a hot topic as the market plummets and various blockchain projects crash. Adam Dell, the CEO of Domain Money, argued that “it is essential that this industry matures” and that regulation is a crucial step towards that maturation.
He shared this sentiment in a show called “Cavuto: Coast to Coast” by Fox Business News on June 28, as Bitcoin (BTC) traded lower around the $20,000 level. Dell believes that regulatory policies are necessary as several platforms are engaged in highly speculative activity, whereas the underlying investors may be unfamiliar with those risks. “That’s a dangerous combination,” he added.
He went on to say his company, Domain Money, encourages investors to assess the risk associated with digital assets to be fully aware of their decision. Because “cryptocurrency returns can be spectacular, there are risks associated with it,” he concluded.
Janet Yellen, US Treasury Secretary, told a House committee hearing last month that the crashes in the crypto market further pronounced the need for federal regulation, especially as more speculative investments flood the public.
The CEO of Microstrategy, Michael Saylor, also agrees with the idea of crypto regulation but with a clause. He believes investors should hang on to Bitcoin until there is “enlightened regulation.” In his words:
I have confidence that enlightened regulation is coming this decade. Until we get that regulation, the safe choice is Bitcoin. The use case is a commodity, not as a currency, not security, but rather as a commodity you control in a place where you have confidence.
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