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According to Mark Moss, CEO of Market Disruptor, significant regulation is coming to the cryptocurrency industry following the collapse of FTX. He thinks future cryptocurrency bulls are unlikely to happen. However, Moss says bitcoin will continue to see demand because it “solves a problem that has plagued humanity since day one.”
Market Disruptor’s CEO Predicts Regulatory Change Following FTX Collapse, Sees Most Cryptocurrency Assets Regulated as Securities Going Forward
On December 29, 2022, Mark Moss, CEO of Market Disruptor, spoke with Michelle Makori, Kitco News’ lead anchor and company editor, about the cryptocurrency and bitcoin industry ( BTC). Moss thinks the recent collapse of FTX has accelerated regulation, and he thinks most cryptocurrency assets will be regulated as securities going forward. As an example, recent U.S. Securities and Exchange Commission (SEC) charges against FTX co-founder Sam Bankman-Fried define FTX’s exchange token, FTT, as a non-security. regulated.
To provide another specific example, a New Hampshire court also sided with the SEC in the lawsuit against LBRY, and LBRY said the language used to influence the court’s decision “sets an extremely dangerous precedent.” Moss told Makori that viewing most crypto tokens as securities will likely require projects to create full disclosures for investors. “Imagine Ethereum going through full disclosure,” Moss said during the interview. “Who created the token?” How much [coins] are controlled by insiders? »
The Market Disruptor executive and author of the “Anti-Communist Manifesto” added:
What is the connection between the Ethereum Foundation, Joseph Lubin and Vitalik Buterin? Who controls the tokens in The Merge lockdown?… I can’t imagine they would want [go through full disclosure].
Moss said it’s likely some crypto projects will move overseas, but he stressed that he doesn’t think US investor money will follow those projects. “Of course, the SEC suppresses and [cryptocurrencies] goes offshore…to a small jurisdiction,” Moss told Makori. “But US venture capitalists can’t get around US regulations to try to invest in these little dark markets. So of course it’s going to move to another country… but the money won’t go with it, which determines all the market capitalization.
While Moss doesn’t expect another altcoin season or crypto bull run, he does believe that the leading crypto asset bitcoin (BTC) will continue to thrive. Moss insists that BTC is a “technological revolution that is changing the course of humanity and boosting financial markets.” Moss further stated that he did not want the regulatory gavel to collapse and further insisted that he was simply explaining the case as he saw it unfolding. Stressed Moss:
The time has come [regulators] will have to react. The SEC looks awful…the [SEC’s] task number one is to protect consumers, and they have failed. They should close in disgrace and close up shop… Of course, that won’t happen, but they have to regain their confidence somehow, and I believe [the FTX collapse] will force [regulators] to act.
Moss Predicts Bitcoin Price to Hit $33,000-$38,000 Next Year, Debate Over Security Classification in the Crypto Industry Looms
In 2023, Moss expects BTC to reach $33,000 per unit and possibly even $38,000. “Bitcoin solves a problem that has plagued mankind since day one, which is how do I secure my property so it can’t be manipulated, seized, or stolen?” Moss remarked. “I can have custody of [Bitcoin] and if I want to send it to you, no one can stop it, block it or prevent it.
There is much debate over whether specific crypto assets should be considered securities, and in the United States regulators have not reached a full consensus. For example, SEC Chairman Gary Gensler said that most crypto tokens are securities and he once said that “the law is clear on that.” “I think based on the facts and circumstances, most of these tokens are securities,” Gensler said in an interview.
Gensler also once said he could confirm that bitcoin (BTC) is a commodity, but it’s the only crypto token he would talk about that way. In May, US Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said he could definitely call bitcoin a commodity. “Well, I can say with certainty that bitcoin…is a commodity. Ether as well,” Behnam explained during his interview with CNBC.
Tags in this story $33K-$38K, Bitcoin, Bitcoin (BTC), Bitcoin Price, CFTC, cftc chairman, Crypto, crypto tokens, Financial Markets, FTX Collapse, Gary Gensler, Kitco News Anchor, Mark Moss, Disruptor of the market, Michelle Makori, Moss bitcoin, Rostin Behnam, SEC, SEC Chairman, Securities, Securities Classification, The Un-Communist Manifesto
What do you think of Mark Moss’ recent conversation with Michelle Makori about the cryptocurrency industry? Share your thoughts in the comments section below.
Jamie Redman
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