CNBC Africa Host Ran Neu-Ner has taken a position gaining a lot of acceptance recently that bringing clear regulation into the cryptocurrency marketplace at this time is a positive move for both entrepreneurs and investors.
Regulation Will Open the Flood Gates
Neu-Ner who hosts the CNBC Africa Crypto Trader appeared on the networks popular investment show Fast Money where he encouraged regulatory action saying; “When [regulators] come out with regulation, it’s going to open the floodgates for new money to come into crypto,”
Neu-Ner who was an early investor in Bitcoin and the founder of OnChain Capital may have been reacting to recent operations by US regulatory and law enforcement agencies targeting fraud in the cryptocurrency and initial coin offering (ICO) marketplaces.
The Department of Justice (DOJ) launched an investigation earlier this week into the possible manipulation of the price of Bitcoin and the overall digital asset market. Last week The North American Securities Administrators Association’s (NASAA) commenced Operation Crypto-Sweep which resulted in 70 investigations and 35 enforcement acts throughout North America.
These operations followed the fake ICO launch created by the Securities Exchange Commision called HoweyCoin which promised a guaranteed return and was endorsed by fake celebrities all of which the SEC informed would be investors are red flag indicators of a scam ICO on the linked .gov page.
Clarify the Playing Field
Speaking about these and other regulatory measures that have become more commonplace recently Neu-Ner said “I hope that they can catch the people [conducting fraudulent activities], because we have to weed out the bad actors,” he added on Fast Money;
“If we have bad actors, it’s going to create a lack of trust in this asset class, we want to make this a real asset class, with real people, then let’s weed out the bad actors. But the first step is, let’s legislate first; let’s regulate first. So we know what the playing field looks like.”
Brian Kelly another Fast Money regular and founder and CEO of BKCM agrees with Neu-Ner acknowledging that clarity in regulatory guidelines and a manipulation free market are two of the guidelines set by the SEC for physically backed exchange-traded funds (ETF).
In reaction to the DoJ’s investigation Kelly, a notorious Bitcoin bull, said the probe isn’t a bad thing and that “They’ll be able to clean [cryptocurrency exchanges] up a little bit,”
Neu-Ner has been on record saying that the SEC needs to establish clear regulations for ICOs if the US wants to continue to hold a leading place in the future of cryptocurrency development and blockchain innovation.
Photo via Pixabay.
Published at Fri, 25 May 2018 16:00:43 -0400