Significant regulation is coming to the cryptocurrency industry following the collapse of FTX, according to Market Disruptor CEO Mark Moss. He believes that future cryptocurrency bull runs are unlikely to happen. However, Moss says Bitcoin will continue to see demand as it “solves a problem that has plagued humanity from day one.” Market Disruptor CEO Predicts Regulatory Shift in Wake of FTX Collapse, Sees Most Cryptocurrency Assets Being Regulated as Securities in the Future On December 29, 2022, Market Disruptor CEO Mark Moss spoke with Kitco News lead anchor Michelle Makori...
Significant regulation is coming to the cryptocurrency industry following the collapse of FTX, according to Market Disruptor CEO Mark Moss. He believes that future cryptocurrency bull runs are unlikely to happen. However, Moss says Bitcoin will continue to see demand as it “solves a problem that has plagued humanity from day one.”
On December 29, 2022, Mark Moss, the CEO of Market Disruptor, spoken with Michelle Makori, the lead anchor of Kitco News and the company's editor-in-chief, about the cryptocurrency industry and Bitcoin ( Bitcoin ). Moss believes that the recent FTX collapse has accelerated regulation, and he believes that most cryptocurrency assets will be regulated as securities in the future. One example is the recent US Securities and Exchange Commission (SEC) charges against FTX co-founder Sam Bankman-Fried define FTX's exchange token, FTT, as an unregulated security.
To provide another specific example, also a court in New Hampshire on the SEC website in the lawsuit against LBRY, and LBRY said the language used to influence the court's decision "sets an extraordinarily dangerous precedent." Moss told Makori that classifying most crypto tokens as securities will likely force projects to create full disclosures for investors. “Imagine Ethereum being fully disclosed,” Moss said during the interview. "Who created the token? How many [coins] are controlled by insiders?"
The Market Disruptor Executive and Author of"The non-communist manifesto"added:
What is the connection between the Ethereum Foundation, Joseph Lubin and Vitalik Buterin? Who controls the tokens in The Merge Lockup? … I can’t imagine they would want to [go through full disclosure].
Moss said it is likely that some crypto projects will move overseas, but he stressed that he believes money from US investors will not follow these projects. “Sure, the SEC is cracking down and [cryptocurrencies] are going offshore… into a small jurisdiction,” Moss told Makori. "But American venture capital firms can't get around U.S. regulations to try to invest in these small obscure markets. So sure, it will move to another country... but the money won't go with it, which is what drives the overall market cap."
While Moss doesn't expect another altcoin season or crypto bull run, he believes that the leading crypto asset Bitcoin ( Bitcoin ) will continue to thrive. Moss insists Bitcoin is a “technological revolution that is changing the course of humanity and driving financial markets.” Moss went on to say he didn't want the regulatory hammer to collapse and continued to insist that he was only explaining the case from his perspective. Moss emphasizes:
Now is the time [regulators] will be forced to react. The SEC looks terrible...the [SEC's] primary mission is to protect consumers and they have failed. They should close in disgrace and close up shop... Of course that won't happen, but they need to regain trust somehow and I believe [the FTX collapse] will force [regulators] to act.
Moss expects this in 2023 Bitcoin to reach $33,000 per unit and possibly even $38,000. “Bitcoin solves a problem that has plagued humanity since day one, namely: How do I secure my property so that it cannot be tampered with, confiscated or stolen?” noted Moss. “I can have custody [Bitcoin] and if I want to send it to you, no one could stop, block or prevent it.”
There is much debate about whether certain crypto assets should be considered securities, and in the US regulators have not yet reached a full agreement. 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, that most of these tokens are securities,” Gensler said during an interview.
Gensler once too explained that he was able to confirm that Bitcoin ( Bitcoin ) is a commodity, but it's the only crypto token he would talk about in this way. In May, the chairman of the US Commodity Futures Trading Commission (CFTC), Rostin Behnam said he could certainly say that Bitcoin is a commodity. "Well, I can say with certainty that Bitcoin is a commodity. So is Ether," Behnam explained during his interview with CNBC.
What do you think about Mark Moss’ recent conversation with Michelle Makori about the cryptocurrency industry? Share your thoughts in the comments section below.
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