Crypto waits on the man - Conference Comments
CRYPTO WAITS ON THE MAN - CONFERENCE COMMENTS
Attorneys take on regulations in general and stable coins specifically
NV GLOBAL FOUNDER & CEO VICTOR SAMUEL
We’re not further along nor are we holding back the industry. Some of the non-movement, the non-progress that you see in the US is actually helping us in certain ways rather than hurting us. There are a lot more ICOs issued in the US than anywhere else and we haven’t come out with any pronouncements that are actually killing this industry. We could do a lot more in terms of anti-money laundering rules and just guidance and I think we’ll see that over the next couple of years.
SULLIVAN & WORCESTER CHAIR FINTECH AND BLOCKCHAIN PRACTICE JOEL TELPNER
Blockchain tech is disruptive. It causes innovation at lightening speed and when that happens regulators get nervous because they don’t know what they don’t know. They don’t really understand what is happening so there is an inclination, at times, to regulate to prevent bad things from happening. [However] There are a lot of solutions that blockchain technology provides that can actually help regulators regulate in a better efficient way.
DLX LAW COFOUNDER ANGLEA ANGELOVSKA-WILSON
In my interaction with regulators around the world there is a very common theme, that the industry tends to forget, and that is that regulators do not regulate the technologies - they regulate the application of the technology.
STEPHEN RUTENBERG SHAREHOLDER POLSINELLI
The real driver [of security token sales] I don’t believe is going to be the law it’s going to be the market. You can [sell a token] under Reg D exemptions the real question there is the secondary market. Is there a market for this?
DUNSMOOR LAW FOUNDER JONATHAN DUNSMOOR
As technology evolves regulators will see how it behaves in the market and what it does to investors. Using blockchain to track stocks and transfer agents are about getting past the costs - it costs startups and companies a lot of money, is time consuming and delays innovation and [innovation] is something this industry really needs. It’s really kind of exciting because a startup can work really hard and develop products and services and have the ability [in the US] to offer it the average investor in a USD 50m Reg A+ plus [initial public offering]. That’s just unheard of - that kind of access we’re just not used to.
Comments were made at the recent Mars Blockchain Summit in New York