Grayscale CEO, Michael Sonnenshein, recently called out and criticized the Securities and Exchange Commission’s (SEC) for their role in hindering the advancement of Bitcoin.
He stated that the lack of clear regulation on Bitcoin has slowed down the massive adoption of the assets by financial investors.
Lack of Clear Regulations
Sonnenshein stated that the regulatory body’s lack of clarified regulations has caused so much confusion in the market.
This confusion has prevented prominent investors from fully embracing and understanding virtual currencies.
Most investors are being cautious when it comes to virtual assets due to lack of understanding of what could be ruled out as unacceptable in the space.
According to Sonnenshein, the SEC’s indecision on the matter pertaining to the crypto space has created confusion among investors, making it very difficult for Grayscale and other firms to advance in their investment strategies for Bitcoin.
He blamed the regulators for their lack of laid out regulations, which he asserts has slowed down the adoption and maximum utilization of Bitcoin by financial bodies.
Investors Not Fully Embracing Bitcoin
The Grayscale CEO stated that the SEC’s lack of guidance is disturbing given that the digital assets are attracting so much attention from potential investors.
Yet, some investors don’t take a step forward due to fear of getting on a bad account with the SEC. Firms like MicroStrategy have recently invested significant amounts in the cryptocurrency, and this trend is likely to continue as more institutions look to diversify their portfolios.
He also highlighted that the SEC’s stance on Bitcoin is in so much contrast to other countries, such as Japan and Switzerland, where the government has taken a more measured and effective approach to regulating these assets.
He argued that this has paved the way for these countries to come up as leading players in the global Bitcoin market.
Despite the SEC’s lack of clear and effective regulations on Bitcoin, Sonnenshein remains very optimistic about the future of the cryptocurrency.
He stated that the growing interest and adoption in Bitcoin from financial investors and firms is a clear signal that the digital asset has a bright future ahead; and in due time all things will fall into place.
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