Thinking about the current state of Bitcoin/Crypo's and there is just so much potential for inside trading and other financial crimes. Do you think in future agencies like the SEC will require records to be kept of all trades and the likes in order to try and prosecute people? I mean as things stand someone can help work on a Crypto with a reasonable market cap, gain and share inside information and profit from that. What do you think?
I think Bitcoin has a very prickly relationship with any regulation. This thorny relationship is embedded as it were in its “DNA,” so to speak. The currency is decentralized and is, therefore, not part of the formal banking system. The founder or founders of the currency are still unknown. The principal method of earning bitcoins is still too techie for the general public and the larger bitcoin community jealously protects the currency against unwarranted regulation.
There have been previous attempts at regulating bitcoin in the US. The Department of Financial Services in the state of New York came up with the bitlicense not too long ago, which prompted severe backlash from the bitcoin community. The regulator also decided to have public hearings so as to determine the best way to go about regulation of bitcoin in New York.
