There have been talks about regulating crypto ever since this form of currency existed. As most of you in the crypto bubble may know, bitcoin was the first-ever currency to enter the landscape. Initially, it did not do very well, but some time later, the people who invested in it greatly benefited from it. As time passed by more and more forms of crypto came to the forefront, showing that there could be competition in the future.
While there have been discussions regarding the regulation of crypto, they were never as serious as they have become these days. One of the main reasons governments and commissions did not enforce regulations was that crypto was not as widely used as it is today. What’s more, people did not have much knowledge about it which is why there weren’t any sanctions.
As time passed, however, things changed significantly in a matter of just a few years. Some would even go as far as claiming that the crypto landscape is about to change in a matter of years or even months. This is because millions of people all over the world are embracing crypto. Because of this big and small organizations have also started to accept crypto-based payments. However, one of the main problems that crypto faces is that its lack of regulation can be incredibly problematic.
Over the past few years, there have been loads and loads of incidents where people ended up losing a significant sum of their investments. What’s more, there have been cases where crypto trading platforms got hacked and lost millions of Dollars. Because of incidents like these, there have been loads and loads of discussions regarding the regulation of crypto.
As you would expect, however, a large number of crypto trading platforms and enthusiasts did not take kindly to this news. This is because people believe that crypto trading should be done freely without any restrictions. Some experts believe that the lack of restriction could prove to be a double-edged sword, which is why it would be best to enforce regulation sooner rather than later.
According to a large number or reputable reports, Gary Gensler, who has recently taken charge of the securities and exchange commission made some massive claims. He said that crypto trading platforms and enthusiasts have to understand that crypto regulation is inevitable. This is why he thinks that people have to embrace these regulations so that commissions and traders can move forward in unison. Of course, the implementation will not happen within days, but it is important for every party to be on the same page.