The lack of regulatory clarity in the cryptocurrency space is pushing business offshore to less regulated exchanges. Companies like Coinbase, which are already regulated like traditional financial services, need clarity regarding crypto-specific regulations to move forward in the industry.
The field of biology is transitioning into engineering with the discovery that skin cells can be turned back into stem cells by exposing them to certain transcription factors, providing tools to do unique things with the ability to direct atoms, not just bits.
Proper governance with skin in the game, insurance, and education, especially for Americans to become sophisticated investors, is essential to minimize the risk of crypto crashes, according to Jason Calacanis. Without these measures, the authorities will likely take harsher actions to protect retail investors who risk losing their life savings.
The US is likely to develop a test to determine the classification of cryptocurrencies as commodities, securities, currencies or something else, and there is an existing case law that could be built upon, such as the Howey test. The CEO of a cryptocurrency exchange advocates for collaboration with the SEC to provide a clearer path for companies to raise money and get listed on an exchange.
Coinbase plans to use their blog as a medium for providing sensible and truthful information regarding cryptocurrencies, instead of authors with conflicting interests or those who rush to post first impressions online making mistakes in the process.
The podcast discusses the complexity of stablecoins, specifically their classification as securities, and the potential for fraud with large amounts of stablecoins held as investments.