An Absence of Trust
The SEC Enforcement Director, Gurbir S. Grewal took the opportunity of a conference appear to rather calmly and lucidly outline a brief history of crypto trying to avoid regulation… (Remarks At SEC Speaks 2024 SEC) which has been met with at the minimum a modicum of disdain from the crypto media such as Cointelegraph: SEC Enforcement Director Claims Crypto Industry Makes ‘Creative Attempts’ To Avoid Guidelines. Yet the reality is the crypto industry has behaved like a wayward puppy being placed under a leash for the first time - broadly doing anything to avoid being brought to heel. That behaviour is still too prevalent in the industry and leads to the Howey test denouements looming such as, the WSJ reports: SEC Enforcement Chief Touts Progress In Coinbase Case. Markets don’t survive without trust and while a lot of millennial bubble excitement is taking place, the case that crypto winter is all done and dusted may yet appear precarious for many…
Mr Grewal’s speech is well worth reading.
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