Sheila Warren, an expert with the World Economic Forum has warned that there would be drama on Bitcoins regulation. According to Warren, the WEF Blockchain and Digital Asset’s head, the late events in the cryptocurrency have the touch of victory; however, it just represents little battles in ongoing wars. On Thursday, Warren revealed to Bloomberg that major changes are coming. Dramatic regulations would fall on Bitcoin and other cryptocurrency assets.
Dramatic Changes to Befall Bitcoin and Other Cryptocurrencies- Sheila Warren
There would be dramatic regulations on Bitcoin and other cryptocurrency assets. The head of Blockchain and Digital Assets of the World Economic Forum revealed this on Thursday. He said that people overseeing the conventional finance industry wouldn’t allow Bitcoin to wander off without putting in a fight. For Warren, there would be another round of pretty dramatic rounds and attempts at regulating Bitcoin space. Since there are many more activities in the space, there would be more demands for regulators.
Warren’s revelation comes hours after Coinbase assumed the pioneer crypto exchange to list shares on Nasdaq. With Bitcoin’s rising ascent last year to attain a new record of about $65,000, sector observers believed that the two correlation would offer a new legitimacy to Crypto and probably influence regulators to calm their creeping trigger fingers.
The chance can still happen as the reality, particularly if Hester Peire SEC (Securities and Exchange Commission) commissioner recommended measure to regulation is considered. The commissioner suggested that cryptocurrency projects need to possess a 3-year grace time to set up operations before registering resultant tokens as securities if some conditions would be met.
Scrutiny is Unavoidable- Sheila Warren
What’s more, blockchain networks will prove to be effectively decentralized by a 3-year period end to prevent more SEC scrutiny. However, Warren believes that the scrutiny is not avoidable and states it might only rise as the price of Bitcoin increases more. Further, he said that the activity flurry caused by the cryptocurrency boom plus the listing of Coinbase was just the beginning of the process, not its culmination. For Warren, some people view this as the climax; I believe that it is very wrong.
Meanwhile, rhetoric’s coming from government offices on cryptocurrency regulation issues seams to concentrate on consumer protection. It is a major concern in a sector prone to shady scams, malicious hacks, and big accidental bugs.
Regulation calls, however, are equally inspired by the government’s aim to control the flow and issuance of funds within borders. The autonomous and free-wheeling crypto nature has a major threat to fiat systems pre-eminence. Severally prominent economies are engaged already in absorbing crypto impact through regulation and taxation or are creating the central bank digital currency to compete and later replace it.