Despite the ups and downs of the market, it would be foolish to dismiss Bitcoin, Ethereum and Criptovalute in general. Regardless of asset prices or SEC regulations, the underlying blockchain technology is unlike anything else we've ever seen. According to Stephen Palley, a blockchain lawyer with Anderson Kill, it will always be so even if prices remain low.
In addition, Palley argues that recent changes to the SEC regulation do not affect the recent market crash. This statement goes against the statements of analysts, but it is not an unfounded statement.
"I'm not sure there's necessarily a connection between the SEC's recent activity and the price of cryptocurrencies, it's hard for me to see a causal relationship," Palley said in an interview with Bloomberg TV. The lawyer continued, stating that cryptography is a global market. Digital resources do not depend only on the United States and securities laws vary worldwide. SEC regulations do not intrinsically affect the entire cryptographic world.
Palley is also confident about the future of the crypt. "I would not delete bitcoins and I would not erase Ethereum." These are very interesting technologies. "It is safe to say that he really believes in this, since his career depends on the success of cryptographic space. That and think we should think about the longer term on the market. The current ups and downs, on a small scale, will have little to do with the long-term success of the crypto.
Recently, the SEC went ahead and blocked two cryptocurrency startups to host illegal ICOs. The two companies in question, Paragon and AirFox, had to pay $ 350,000 in fines. They also had to repay investors who invest money in ICO. Paragon had to pay $ 12 million and AirFox $ 15 million. It was somehow believed that the SEC was after the crypt space due to these takedowns. Palley was asked about these statements, even if he thinks little of them:
"I do not know if the SEC is in business to send messages when it engages in application activities or when it enters into contract termination orders with companies that have violated the securities laws.The SEC, for some time, made it clear that while [crypto] it could be a really ingenious technology, the securities laws still apply. "
A private message
The SEC has removed several different encryption startups. In any case, the government agency had good reasons to do so. Assuming that the arrests are "attacks" to the community is a little rash.
Furthermore, Palley calls the crypto community for some of his actions. Just because the securities laws are not at the height, this does not mean they do not apply to cryptography. This is a new technology and must respect the established laws. If there was a message from the SEC, Palley believes it would be "we told you." Follow the law.
Palley also claims that the SEC movements have no bearing on the ICO's interest. He also recently received a call from someone in Europe about a new ICO:
"I do not think that interest [in ICOs] he is gone. There was this silly notion that you could raise money to build a business by selling something that would give someone access to the business you are building, and somehow you could get away with it without complying with the securities laws. "
"Companies that think they can use ICOs to raise money and therefore do not stick to these laws are wrong," Palley says. Those groups deserve to be killed for not following the rules.
The cryptographic predictions of the lawyer are similar to those of Tom Lee of Fundstrat. Lee still believes that Bitcoin will reach $ 15,000 this year:
"The next wave of adoption is institutional.There is a crossover event.This is just an embarrassing transition."