Bitcoin Forum

The work of the trading platforms for crypto-currencies can be improved by applying to them some principles of stock market regulation. Jay Clayton, reports Reuters.

https://www.reuters.com/article/us-crypto-currency-regulation/stock-market-principles-needed-in-crypto-world-sec-official-idUSKBN1GY2ZN?utm_source=applenews

Clayton refers to examples of such principles as supervision and the policy of best execution of transactions. As for the ICO, the head of the SEC is of the opinion that the same requirements as for securities should apply to the sphere of primary bids of coins.
Head of the SEC for Trading and Markets Brett Redfirn is convinced that the crypto industry is in its infancy and still resembles the Wild West. Also Redfirn singled out a number of topical, in his opinion, problems of this market. Among them, fraud, market manipulation, theft, cybersecurity, as well as the financing of terrorism and money laundering.
According to him, the Commission does not seek to stifle innovation, but the SEC's duty is to protect the rights of investors. Redfirn also said that his agency is now "very busy" studying a lot of recent ICOs.

Do not you think that under the pretext of protecting investors they just want to protect the interests of the current monetary system, thereby regulating the world of crypto currency? I think that they are afraid of crypto-currency and want to have control over them ...

I guess they are very serious about their claim. If you notice there are too many ICO's popping up like mushrooms and among them are fake and scam ICO's and other are unsuccessful ICO's made by people who have no physical project an without enough budget. Many ICO's have disappeared like balloons without a trace and I guess its time to regulate these ICO's since many have been already a victim to those.

Fraud is always and everywhere. And this is not crypto or fiat. Now there are a lot of newcomers to cryptomirov, and they tend to become victims of scammers. But I do not think that prohibition or excessive regulation can benefit the development of cryptomir. Under such good intentions as the protection of investors, the fight against the terrors can be based on a fight against the crypt in favor of the current banking system ... Perhaps I'm wrong, but more often I am visited by such thoughts ...

Actually I always think that this is a good thing, because the whole is too chaotic encryption monetary market, so I need a certain regulation, in my opinion, we do need certain regulation, if do not have regulation, so the market is too much cheating.

If this market wants to be taken seriously by professional investors, then stock market principles are indeed needed, and I can't wait for it to happen. I like how free this market still is in today's world, but we can't just keep endlessly dragging on like that. It scares off potential investors, and we also have to acknowledge another problem, and that's the severe lack of on-exchange liquidity. You have to keep moving forward, and while the adoption is consistently picking up, the ecosystem isn't catching up fast enough, and that needs to change. We want crypto to compete with traditional assets, but what's all that worth when our ecosystem in its entirity doesn't reflect that. It's time to grow and to accept the regulatory requirements, period.

Perhaps you are right, and it will do good, the inflow of new capital. But the main thing is that the regulation would not be extremely large, otherwise it could do much harm.

ICOs really is prone to abuse. Since there is an easy way to create a token and using a smart contract is one of which. I also agree I n your thought that crypto currency need to he regulated to avoid fraudulent and scams.

may be its work stock market

This could be good for the cryptocurrency market since it's so volatile and it can easily be manipulated by people. Just a few who have high amount of coins, regulations will end insider trading

If stock market flows of this principle implemented ,i  think is not a bad idea as long as they are work properly, because as of now they are more scam and fake stablishment ,that yet to be uncovered and caused by moral hazard, in that the law has possible solution of this problem ,however the bad reputation has begin when people started to accept the bitcoin as digital currency ,,but not only used in terrorist,,

We really do need principles and regulations in this market. For a market this young and volatile it is very susceptible to insider trading and market manipulation. Principles and regulations will help take the power off the hands of a few people who can sway the market at will in their favor just because the own a large number of coins.

I think that principals of some sort are needed for crypto stock markets/exchanges.
There are claims of various suspect transactions from nearly all exchanges, rightly
or wrongly i dont know but it casts a shadow. Its the same with ICO's so "principals'
really means regulation, and do we welcome that?

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I still think this is good news because there is a lack of regulation in the whole market, so it would be a good thing if there is some regulation for the whole cryptocurrency market.

Regulations or principles?  Decentralization is the key here  as a governing body is pushed out of the system.  As soon as we start regulating we also start creating the governing "body".  Without any regulations though, as we all observed a single person/event can change the way markets behave in seconds. One cannot simply set set of principles and expect everybody to follow flawlessly. A positive/negative encouragement is necessary to make sure everyone plays the same game with the same rules. Yes, I think regulation is needed in this sense.

I dont think blockchain needs such principle.

Regulation and principle are different things, I think SEC tries to regulate crypto trading markets, it will be very good for all of us because institutional investors like soros fund will be in

It's about time, considering that market manipulation on cryptos is like the norms of today, and if people are really serious in getting this thing to the next level, they should realize that bitcoin--and cryptocurrencies in general--should mature. Regulations IMO are not as bad as what other people portray them to be. If the right regulations were placed in a given market, it will flourish and attract more people into it.

I hope the SEC can take some loose policy on the whole market.
Because it is an emerging market, it requires more reasonable regulation.

They're too afraid about the regulations that it might remove what was the purpose of BTC to give anonymity. But in reality all of the actions from the government was I think to protect the people. As you said, this regulations is needed for the cryptocurrency to level-up.

Do you really believe that the government is there to do you good?
I believe in the self regulation of the market. Rules imposed by the authorities only create confusion, scare people away, and most importantly aren't free. If the government touches something and puts in work it's going to have to bring them profit later. This means taxes on top of taxes for you and guys in suits on your doorstep.

As history has shown, the authorities act always in their own interests or in the interests of their approximate people. In some countries this is more obvious, in others it is more secretive. Bitcoin and his technology can change this, make this world better and more just! The authorities want to control bitcoin, they are afraid of it. They want to control all cash flows, including crypto. I, frankly, against this, I am against the current world order.

Saying that is good, but actually doing something to change that is even better; what have you done to actually put force behind your words? If you keep converting your coins to fiat back and forth, you are only stimulating the economy you don't like. Trading is good as long as the funds remain on-exchange to eventually have them be converted to Bitcoin anyway, but actually cashing out is like going back in time and thus also back to the rotten system you are against.

I am sure that if we all stand up and fight for what's good, we can overrule this system easily, and force it to abide by OUR rules if it plans to be part of the revolution. People however are too stupid to participate in it for the simple reason being that they don't see any threat in how the system is progressing. Bitcoin is the ultimate tool to get what we want, but if people don't use it as a weapon to fight the current system, it's unfortunately useless in that aspect. I hope the general mentality will change at some later point, but I have my doubts. :-X

Supervision’s has the same sense as manipulation and controlled environment.. Are you really willing to give up decentralization for this kind of risk that the stock market investors is facing.. No way that I’ll be good at that bargain,, if you don’t want this kind of a chaotic market then why not pack your bag back to investing in fiat..

Don’t bother to forced this as this only be a step of the government and elites in holding our neck again..

Different considerations are needed in crypto because it is different than stock in many ways. They most are decentralized but some regulations from central authorities are clearly needed.

It seems to me that Clayton's conclusions are largely sharable. There is no doubt that some aspects of cryptocurrencies have to be regulated, at least fraudulent ICOs. Of course this must not become a pretext to remove all freedom from the sector.

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Regardless of their intentions, I can see a lot more regulation in the crypto space with the years to come.

It's actually good to have regulated and registered exchanges, rather than having unregulated ones, if it's solely for the reason of keeping them honest and making sure that their assets in reserve match up with the liabilities. However, what I worry about is if the government starts surveillancing crypto purchases and make draconian KYC laws, which make it close to impossible to trade BTC.

However, if that does happen, i suspect that trading will just move to decentralised or p2p exchanges.

Good or bad, it's not going to affect bitcoin itself. Governments can only regulate bitcoin related businesses, and cannot control bitcoin itself, which is one of BTC's biggest benefits.

It's actually better to have a self regulating body if it is impossible for this to be imposed. If there are private parties within the cryptocommunity which could provide for the regulation, then there won't be need of government intervention.

While the government has the task to protect and safeguard it's citizens, they also generate revenue through taxes - a tool they could use through cryptocurrency regulation. Expect taxes when the government gets involved. Are you ready to pay a little extra when this happens?

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At the moment nothing in terms of frameworks or best practices exist. Its still being formulated or I hope it is. This is what will help the next wave of retail investors to enter the market! That and a real new use case being developed, instead of pure speculation

Of course i'm not ready to pay extra. I would be if I knew that the money is going to be used to do good, that I will actually see things change around me and feel safer. In reality money from crypto will go towards something irrelevant in the big picture, but something that the government finds to be important, like building new missiles or putting drug users in jail. The typical policeman will remain as uneducated and unaware of cryptocurrencies as he is now.

Despite the position or your position, I think they are particularly talking about regulating the icos. That is the new comers coins that most times are not keeping to the promise made while some will never distribute rewards but disappear.

Yes. We're talking about the government here. They want everything. They want as much of our money as they can get and they will use violent force to take.

Yeah...I have thought about that...many principles are similar in both situations, but also there is many things, which are completely different about them.