2023-6-17 19:50 |
The last two weeks have been tough for the crypto industry in the US as the Securities and Exchange Commission (SEC) has sued Binance and Coinbase in a wave of regulatory crackdown.
This ripple effect affects other countries as local regulators started to take a tough stand against crypto. As a result, strategists say the industry may bow to pressure, and crypto exchanges will be registered with the SEC as the commission has always wanted.
However, the CEO of Blockstream, Adam Back, says the industry will survive the regulatory pressure mounted on it, and at the BTC Prague conference, Back expressed confidence that the crypto industry’s adaptability will enable it to come out of these trying times.
“The system is antifragile,” Back said. “Something is a problem? They’ll do something else or create an economic incentive for somebody. Some other company that had a different strategy will get a large amount of users,” he added.
One reason he’s so confident is that the industry is driven by user demand, which is increasing. As a result, users will always find alternatives even if crypto exchanges close down in their locations.
The industry has always faced regulatory pressure, but not of this magnitude. Since Gary Gensler became the chairman of the SEC, the commission has gone all out to regulate the crypto industry, despite a lack of regulatory clarity.
Crypto exchanges worldwide are making changes to ensure compliance with the commission’s guidelines, including delisting some trading pairs of cryptocurrencies recently tagged as securities.
Meanwhile, crypto influencers and lobbyists have warned the commission not to overstep its boundaries in trying to enforce regulations in the industry. Several crypto establishments have expressed their opinions on the matter.
Hopefully, the process will lead to proper regulation by the legislature to give the industry clear guidance and direction to follow to ensure there are no breaches and that the industry thrives in the country.
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