Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

SEC’s Approach Hampers Crypto Innovation’s Full Potential: Quinten

Cryptocurrency Oct 03, 2022 05:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
SEC’s Approach Hampers Crypto Innovation’s Full Potential: Quinten
 
BTC/USD
-1.67%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • Former CFTC commissioner explains why the crypto industry is not pleased with the SEC.
  • Quinten believes the crypto industry needs rules that fit its technology and promotes reaching its full potential.
  • Not any regulation is bad for crypto, the right legislation will promote integrity, said Quinten.

Brian Quinten, former Commodity Futures Trading Commission (CFTC) commissioner speaking in an interview at Mainnet 2022 expounded reasons as to why the crypto industry is not pleased with regulations set by the Security Exchange Commission (SEC).

The commissioner who now works as an advisory partner on the crypto team at venture capital firm Andreessen Horowitz revealed that the regulations made by the SEC do not serve the purpose.

Elaborating more on this, Quinten said:

I think what the crypto ecosystem wants is rules that fit its technology, that is fit for purpose, that allow for the innovation actually to reach its full potential. You’re not getting that out of the SEC

Notably, Quinten compared his contribution to the industry as a commissioner to what is happening at present.

During Quinten’s tenure at the CFTC, he said that he oversaw the listing of Bitcoin futures contracts in the U.S. and the creation of tokenized commodities, among other crypto-specific developments, whereas now, he raises concerns about calling crypto security.

According to Quinten what worries him most is that when crypto falls in the category of security it would mean that there’s a central issuer, which would be required to send proxy statements to everyone that holds a given token.

Moreover, he stated:

If the SEC was serious, it could do things that allowed for a kind of securities-like regulatory structure to exist, without threatening the entire ecosystem.

Focussing on the rigidness of the SEC in terms of how it dealt with the crypto industry, Quinten said that the only way to rectify the problem is by educating elected officials on the potential benefits of a better-regulated crypto space since the congress has the power to bring about a new framework.

However, he debunked the notion that many had; any form of regulation was bad for crypto. Furthermore, he said that if they have well-tailored, appropriately-calibrated legislation, the ultimate result could be profitable liquid markets with very strong integrity.

The post SEC’s Approach Hampers Crypto Innovation’s Full Potential: Quinten appeared first on Coin Edition.

See original on CoinEdition

SEC’s Approach Hampers Crypto Innovation’s Full Potential: Quinten
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email