According to Mark Moss, the CEO of Market Disruptor, significant regulation is coming to the cryptocurrency industry following the aftermath of FTX’s collapse. He believes that future cryptocurrency bull runs probably won’t happen. However, Moss says that bitcoin will continue to see demand as it is “solving a problem that has plagued humanity from Day One.”
On Dec. 29, 2022, Mark Moss, the CEO of Market Disruptor, spoke with Michelle Makori, the lead anchor of Kitco News and the company’s editor-in-chief, about the cryptocurrency industry and bitcoin (BTC). Moss believes that the recent FTX collapse has accelerated regulation, and he thinks that most cryptocurrency assets will be regulated as securities in the future. As an example, the recent U.S. Securities and Exchange Commission’s (SEC) charges against FTX co-founder Sam Bankman-Fried define FTX’s exchange token, FTT, as an unregulated security.
To furnish another specific example, a New Hampshire court also sided with the SEC in the lawsuit against LBRY, and LBRY said the language used to sway the court’s decision “sets an extraordinarily dangerous precedent.” Moss told Makori that deeming most crypto tokens as securities will likely force projects to create full disclosures for investors. “Imagine Ethereum going through full disclosure,” Moss said during the interview. “Who created the token? How many [coins] are controlled by insiders?”
The Market Disruptor executive and author of the ”The Un-Communist Manifesto” added:
What’s the connection between the Ethereum Foundation, Joseph Lubin, and Vitalik Buterin? Who controls the tokens in The Merge lockup?… I can’t imagine they’d want to [go through full disclosure].
Moss said that it’s likely some crypto projects move offshore, but he stressed that he believes the money from U.S. investors won’t follow these projects. “Sure, the SEC clamps down and [cryptocurrencies] goes offshore … to some small jurisdiction,” Moss said to Makori. “But the American venture capital companies can’t skate past U.S. regulations to try to invest in these little obscure markets. So sure, it’ll move to another country… but the money won’t go with it, which drives the entire market cap.”
While Moss doesn’t expect another altcoin season or crypto bull run, he does believe the leading crypto asset bitcoin (BTC) will continue to prosper. Moss insists BTC is a “technological revolution that changes the course of humanity and drives financial markets.” Moss further said that he doesn’t want the regulatory hammer to come crashing down, and further insisted that he was just explaining the case as he sees it unfolding. Moss stressed:
Now is the time [regulators] are going to be forced to react. The SEC looks horrible … the [SEC’s] number one job is to protect consumers, and they have failed. They should shut down in disgrace and close up shop … Of course that’s not going to happen, but they need to regain confidence somehow, and I believe [the FTX collapse] is going to force [regulators] to act.
In 2023, Moss expects BTC to hit $33K per unit and possibly even $38K. “Bitcoin is solving a problem that has plagued humanity from Day One, which is, how do I secure my property so it can’t be manipulated, seized, or stolen?’” Moss remarked. “I can have custody of [Bitcoin] and if I want to send it to you, nobody could stop it, block it, or prevent it.”
There’s a lot of debate over whether specific crypto assets should be considered securities, and in the U.S., regulators have not reached a full consensus. For example, SEC chairman Gary Gensler has said that most crypto tokens are securities and he once said the “law is clear on this.” “I believe based on the facts and circumstances, most of these tokens are securities,” Gensler said during an interview.
Gensler also once declared that he could confirm that bitcoin (BTC) is a commodity, but it’s the only crypto token he would talk about in that fashion. In May, the U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam said he could surely say bitcoin is a commodity. “Well, I can say for sure bitcoin … is a commodity. Ether as well,” Behnam elaborated during his interview with CNBC.
What are your thoughts on Mark Moss’s recent conversation with Michelle Makori about the cryptocurrency industry? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
According to Mark Moss, the CEO of Market Disruptor, significant regulation is coming to the cryptocurrency industry following the aftermath of FTX’s collapse. He believes that future cryptocurrency bull runs probably won’t happen. However, Moss says that bitcoin will continue to see demand as it is “solving a problem that has plagued humanity from Day One.”
On Dec. 29, 2022, Mark Moss, the CEO of Market Disruptor, spoke with Michelle Makori, the lead anchor of Kitco News and the company’s editor-in-chief, about the cryptocurrency industry and bitcoin (BTC). Moss believes that the recent FTX collapse has accelerated regulation, and he thinks that most cryptocurrency assets will be regulated as securities in the future. As an example, the recent U.S. Securities and Exchange Commission’s (SEC) charges against FTX co-founder Sam Bankman-Fried define FTX’s exchange token, FTT, as an unregulated security.
To furnish another specific example, a New Hampshire court also sided with the SEC in the lawsuit against LBRY, and LBRY said the language used to sway the court’s decision “sets an extraordinarily dangerous precedent.” Moss told Makori that deeming most crypto tokens as securities will likely force projects to create full disclosures for investors. “Imagine Ethereum going through full disclosure,” Moss said during the interview. “Who created the token? How many [coins] are controlled by insiders?”
The Market Disruptor executive and author of the ”The Un-Communist Manifesto” added:
What’s the connection between the Ethereum Foundation, Joseph Lubin, and Vitalik Buterin? Who controls the tokens in The Merge lockup?… I can’t imagine they’d want to [go through full disclosure].
Moss said that it’s likely some crypto projects move offshore, but he stressed that he believes the money from U.S. investors won’t follow these projects. “Sure, the SEC clamps down and [cryptocurrencies] goes offshore … to some small jurisdiction,” Moss said to Makori. “But the American venture capital companies can’t skate past U.S. regulations to try to invest in these little obscure markets. So sure, it’ll move to another country… but the money won’t go with it, which drives the entire market cap.”
While Moss doesn’t expect another altcoin season or crypto bull run, he does believe the leading crypto asset bitcoin (BTC) will continue to prosper. Moss insists BTC is a “technological revolution that changes the course of humanity and drives financial markets.” Moss further said that he doesn’t want the regulatory hammer to come crashing down, and further insisted that he was just explaining the case as he sees it unfolding. Moss stressed:
Now is the time [regulators] are going to be forced to react. The SEC looks horrible … the [SEC’s] number one job is to protect consumers, and they have failed. They should shut down in disgrace and close up shop … Of course that’s not going to happen, but they need to regain confidence somehow, and I believe [the FTX collapse] is going to force [regulators] to act.
In 2023, Moss expects BTC to hit $33K per unit and possibly even $38K. “Bitcoin is solving a problem that has plagued humanity from Day One, which is, how do I secure my property so it can’t be manipulated, seized, or stolen?’” Moss remarked. “I can have custody of [Bitcoin] and if I want to send it to you, nobody could stop it, block it, or prevent it.”
There’s a lot of debate over whether specific crypto assets should be considered securities, and in the U.S., regulators have not reached a full consensus. For example, SEC chairman Gary Gensler has said that most crypto tokens are securities and he once said the “law is clear on this.” “I believe based on the facts and circumstances, most of these tokens are securities,” Gensler said during an interview.
Gensler also once declared that he could confirm that bitcoin (BTC) is a commodity, but it’s the only crypto token he would talk about in that fashion. In May, the U.S. Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam said he could surely say bitcoin is a commodity. “Well, I can say for sure bitcoin … is a commodity. Ether as well,” Behnam elaborated during his interview with CNBC.
What are your thoughts on Mark Moss’s recent conversation with Michelle Makori about the cryptocurrency industry? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Trials of the digital yuan have produced disappointing results, according to a report quoting the former head of research at the Chinese central bank. The new form of national fiat has brought no benefits to the banks and should expand beyond being employed only as a substitute for cash, the banker believes.
Usage of China’s central bank digital currency (CBDC) has been “low, highly inactive,” according to Xie Ping, former director-general of research at the People’s Bank of China (PBOC). Ping made this observation at a conference devoted to digital finance.
“The cumulative circulation of the digital yuan in the two years of the trial has been only 100 billion yuan” ($14 billion), he detailed, quoted by the financial news outlet Caixin and Reuters. In his view, the application of the digital yuan needed to be widened.
“The results are not ideal,” Xie concluded during the forum which was organized by the Tsinghua University. He emphasized that “what needs to change is the digital yuan acting only as a substitute for cash and only for consumption.”
The payment market structure formed by cash, bank cards, and third-party payment platforms are currently satisfying the needs for daily consumption in China. “The common people are used to it, and changing it is difficult,” he remarked.
China has been at the forefront of the race to develop CBDCs with efforts to promote the digital yuan through a number of red envelope campaigns, giving away e-CNY to stimulate its use, and by expanding the geographical scope of the pilot project to new cities and regions.
Authorities have also been trying to increase the use cases for the digital version of the renminbi, with the latest examples including the introduction of digital yuan payments in the public transportation systems of Ningbo and Guangzhou. In September, the PBOC called for more of these use-case scenarios and urged for deeper integration of its new currency with e-payment providers.
According to Xie Ping, digital yuan business had no synergistic effect and no commercial benefits for banks’ business while third-party payment systems such as Alipay offered a range of more attractive functions such as investment, insurance, and consumer lending.
That’s why the ex-central bank official believes digital yuan usage can be expanded by allowing individuals to buy financial products with the state-backed coin, for example, and by connecting it to more traditional payment platforms in order to create new opportunities to spend it for consumption.
Do you think use of the digital yuan will grow with an increase in the use-cases offered by the Chinese government? Share your thoughts on the subject in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
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