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According to Market Disruptor CEO Mark Moss, the aftermath of the FTX demise has brought significant regulation 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 collapse, seeing most cryptocurrency assets regulated as securities in the future
On December 29, 2022, Market Disruptor CEO Mark Moss spoke with Kitco News Lead Anchor and Editor-in-Chief Michelle Makori about the cryptocurrency industry and Bitcoin (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, a 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 also upheld the SEC in a lawsuit against LBRY, and LBRY said the language used to guide the court’s decision “sets a very dangerous precedent.” 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 tokens? [coins] Controlled by insiders? “
Executive at Market Disruptors “Non-Communist Manifesto” Added:
What is the relationship between the Ethereum Foundation, Joseph Rubin, and Vitalik Buterin? Who controls the tokens in The Merge lockup?…I doubt they want to. [go through full disclosure].
Moss said some cryptocurrency projects are likely to move offshore, but stressed that he doesn’t think funding from U.S. investors will follow suit for these projects. “Certainly, the SEC has cracked down and [cryptocurrencies] Go offshore…to some smaller jurisdictions,” Moss told Makori. Sure, it will move to another country…but the money won’t go with it, and it will move the entire market cap.”
Moss doesn’t expect another altcoin season or crypto bull market to continue, but he believes Bitcoin (BTC), the leading cryptocurrency asset, will continue to thrive. Moss claims Bitcoin 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 that he was only describing the incident as it unfolded.
now is the time [regulators] I am forced to react. The SEC looks scary… [SEC’s] Their number one job is to protect consumers, but they have failed.They should be disgracefully closed and shut down… of course it won’t happen but somehow confidence needs to be restored and I believe [the FTX collapse] I’m going to force [regulators] Act.
Bitcoin price hits $33,000 to $38,000 next year, looms debate over security classification in crypto industry, Moss predicts
Moss expects BTC to hit $33,000 or even $38,000 per unit in 2023. “Bitcoin solves a problem that has plagued mankind since day one: How do I protect my property from manipulation, seizure and theft,” said Moss. . “I can keep [Bitcoin] And when I tried to send it to you, no one could stop, block, or prevent it.
There has been much debate about whether or not certain crypto-assets should be considered securities, and regulators have yet to reach full consensus in the United States. 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, but it 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 categorically state that Bitcoin is a commodity. “You can definitely say that Bitcoin is… a commodity, and so is Ether,” Venham elaborated in his interview with CNBC.
What are your thoughts on Mark Moss and Michelle Macori’s recent conversation about the crypto industry? Share your thoughts in the comments section below.
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