“XRP, BTC, ETH, ADA aren’t going anywhere”: deVere Group CEO backs SEC in crypto regulation
Nigel Green praised SEC Chair Gary Gensler for taking a future-focused and pragmatic approach to cryptocurrencies.
Digital asset regulation has become of one the main talking points within the trading industry as of late, particularly in the United States.
The country’s Securities and Exchange Commission has been under fire for allegedly failing to provide regulatory clarity to market participants and blockchain companies, with the SEC v. Ripple lawsuit now offering a chance for a legal precedent.
Nigel Green, chief executive and founder of deVere Group, has decided to join the discussion after reading SEC Chair Gary Gensler’s interview with the Financial Times.
Mr. Gensler said crypto assets were no different than any others when it came to public policy requirements including investor protection, guarding against illicit activity and maintaining financial stability.
That statement led the CEO for deVere Group to praise Mr. Gensler for taking a future-focused and pragmatic approach to cryptocurrencies.
“Cryptocurrencies, such as Bitcoin, Ethereum, Cardano, XRP, amongst others, are not going anywhere. Crypto is very much here to stay as financial assets and as mediums of exchange”, said Nigel Green. “Therefore, they must be brought into the regulatory tent and be held to the same rigorous standards as the rest of the financial system. The best way to do this is through the exchanges”.
“Nearly all foreign exchange transactions go through banks or currency houses, and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid”.
Nigel Green added that the SEC needs more powers over the market as “there’s a clear direction of travel: both institutional and retail investors are taking Bitcoin and other cryptocurrencies more and more seriously […] The SEC seems aware that digital assets are the inevitable future of money, therefore they require more oversight.”
A stronger SEC could help protect investors, make the sector itself more robust, tackle cryptocurrency criminality, and reduce the potential possibility of disrupting global financial stability, he stated, as he added the work being done by the SEC is something that everyone should champion.
The statement seems to be going quite in the opposite direction of many within the cryptocurrency space. Even two SEC Commissioners have shown concern for the SEC’s practice of regulation-by-enforcement which fails to provide the needed clarity.
Mark Cuban has recently criticized the SEC Chair precisely on that behavior from the financial watchdog. The SEC has also been under fire for potential conflict of interest in the handling of XRP and Ripple, which has prompted an independent investigation.