According to Market Disruptor CEO Mark Moss: In the aftermath of the FTX demise, significant regulation has been added to the cryptocurrency industry. He believes that a future cryptocurrency bull market is unlikely. But Moss said Bitcoin will continue to be in demand because it “solves problems that have plagued mankind since day one.”
Market disruptor CEO predicts regulatory change in wake of FTX demise, seeing most cryptocurrency assets regulated as securities in the future
December 29, 2022, Mark Moss, the market’s CEO disruptor,met with Michelle Makori, lead anchor and editor-in-chief of Kitco News, to discuss the crypto industry and bitcoin. We talked about the coin (BTC). Moss believes the recent demise of FTX has accelerated regulation and that in the future most cryptocurrency assets will be regulated as securities. As an example, the recent U.S. Securities and Exchange Commission (SEC) indictment against his FTX co-founder Sam Bankman-Fried defines FTX’s exchange token, his FTT, as an unregulated security.
To give another specific example, a New Hampshire court upheld his SEC in his case against LBRY, and LBRY stated that the language used to govern the court’s decision was “It sets a very dangerous precedent,” he said. Moss told Makori that viewing most crypto tokens as securities would likely force projects to make full disclosures to investors. “Imagine Ethereum being fully disclosed,” Moss said in an interview. “Who created the token? How many [coins] are controlled by insiders.” Added:
What is your relationship with the Ethereum Foundation, Joseph Rubin, and Vitalik Buterin. I don’t think you want [full disclosure] who controls the tokens in The Merge lockup.
Moss said some cryptocurrency projects are likely to move offshore, but money from US investors won’t follow suit. “Certainly the SEC will crack down and [cryptocurrencies] will go offshore … to some smaller jurisdiction,” Moss told Makori. “But US venture capital firms cannot slip past US regulations and try to invest in these lesser-known markets. Sure, it moves to another country…but the money is It doesn’t go with it, it drives the entire market cap.”
Moss doesn’t expect another altcoin season or crypto bull market to continue, but major We believe that Bitcoin (BTC) will continue to thrive. Moss claims thatBTC is “a technological revolution that will change the course of humanity and move financial markets.” Moss further said he didn’t want the regulatory hammer to collapse, further claiming he was only describing the incident as it unfolded.Moss emphasized:
Now is the time for [regulators] to act. The SEC looks horrible… [The SEC’s] number one job is to protect consumers, but they failed. They should disgracefully shut down and shut down shop…of course that won’t happen, but somehow confidence has to be restored and [FTX collapse] will force [regulators] to act. I believe.
Moss predicts Bitcoin price will reach $33,000 to $38,000 next year, looming debate over security classification in the crypto industry. 46}
In 2023, Moss will see BTC reach $33,000 per unit, and in some cases as high as $38,000. “Bitcoin solves a problem that has plagued mankind since day one: how to protect one’s wealth from manipulation, seizure and theft,” said Moss. “I can keep [Bitcoin] in custody. If I wanted to send it to you, no one could stop, block, or prevent it.”
There has been much debate about whether crypto assets should be considered securities, and regulators have yet to reach full consensus in the United States. For example, SEC Chairman Gary Gensler has stated that most crypto tokens are securities, and once said, “The law is clear about this.” “Based on the facts and circumstances, I believe most of these tokens are securities,” Gensler said in an interview.
Gensler once declared that Bitcoin (BTC) can be verified as a commodity, and is the only crypto token he speaks of as such. In May, U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam said he could definitely say that Bitcoin is a commodity. “Bitcoin is certainly a commodity, and so is Ether,” Boenham elaborated in his interview with CNBC.
Image Credits: Shutterstock, Pixabay, Wiki Commons
