No regulation is not a good sign.
Whatever your view is on how governments should treat cryptocurrencies, it is reasonable to conclude that eventually, traditional regulatory institutions will have to be truly comfortable with crypto as an asset class before it has any chance of reaching widespread adoption.
Still, for many crypto enthusiasts and professionals, any attempt at regulatory oversight is seen as an attempt to derail the powerful innovation of the greater blockchain industry. Recently, when the SEC announced that it would like a reliable tool to monitor what the most popular crypto networks are by transaction volume, it is logical to assume that a similar sort of outcry occurred.
Because this is likely true, this illustrates another prime case of the importance of separating the true signals from the noise or simply, the facts from the fear mongering. Most importantly, related to this, since the SEC’s reasoning for asking for such a tool is apparently to minimize market risk and increase the likelihood that cryptocurrencies will attain compliance with existing regulatory frameworks, shouldn’t interested parties jump at this chance?
Don’t we, as a greater crypto community, want to be accepted as a global currency standard going forward? While the answer should be a resounding yes, due to the inherent factionalism of each and every crypto community, the reality is a bit more complicated.
Soothing the fears associated with any government involvement in crypto networks will not be an easy task. Perhaps, going forward, a good place to start would be to practice a certain mantra that used to be a crypto standard.
Before making any sort of judgment on a piece of industry news, consider doing your own research to confirm its’ veracity. Simultaneously, if you are involved with any sort of firm in the data science sphere, consider contacting the SEC to help in the development of this previously mentioned, possibly essential tool.
By: BGN Editorial Staff