The cryptocurrency market is suffering from bloodbath since the start of November. Bitcoin [BTC] has fallen down by approximately 80% since its all-time high. Stephen Palley, a blockchain and virtual currency Attorney spoke on Bloomberg on the recent crash of the cryptocurrency market.
Stephen Palley said that ICOs were interesting while they were starting a business and getting investment capital without having to worry about the securities that the IPOs were usually burdened with. According to him, since the crackdown by SEC, ICOs have drastically reduced. He added:
"I do not think that model [ICO] is completely gone now. But the US is not the only market in the world and securities laws are different elsewhere. I know I do not think that we've seen the end of this, but what its gonna look like in the United States. I'm not sure. "
Bitcoin and other cryptocurrencies and said he is a believer in the blockchain technology and also believes in Bitcoin. Palley stated:
"I would not write off Bitcoin, and I would not write off. People, you know, you have won a lot. Some people have lost a lot, but its technology itself remains interesting. "
Stephen Palley spoke about the decision by the Securities and Exchange Commission [SEC] on two cryptocurrency startups [Paragon and AirFox] that were hosting illegal ICOs. He said that he is not in the "business of sending messages" when it comes to enforcing companies that violate securities laws. He said:
"If you look at the Paragon or AirFox orders that came out on Friday what they [SEC] say is actually pretty common sense, which is just because it's newfangled technology does not mean that established security principles do not apply. "
Bitcoin's prices. Palley stated:
"I'm not sure that there is any connection between the recent SEC activity and the price of cryptocurrency that may or may not be the case."
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