We’ve all heard the saying that “ignorance is bliss” at some point in our lives, but this term most certainly does not apply to the financial world.
In the financial sphere, ignorance is risk, not bliss.
It’s for this very reason that traditional financial markets are regulated. The US markets are more than happy to see reasonable regulation, as it ensures a suitable level of transparency and fairness.
When it comes to stocks, we see regulation by the Commodity Futures Trading Commission (CFTC), and government-issued currency is overseen by the Department of the Treasury and the Federal Reserve.
A Lack of Trust
However, we’ve recently seen the emergence of another asset class, known as cryptocurrencies, and for the time being there is no single cryptocurrency regulator overseeing matters.
This had lead to uncertainty and a lack of trust from the more established financial players.
While we’ve seen the Securities and Exchange Commission (SEC) announce the appointment of a “crypto czar” in Valerie Szczepanik in June, with the task of working out how to apply the application of US financial regulations and laws to cryptocurrencies, it’s fair to say that this is still very much a work in progress.
Until such a point is reached where the various governments can step in and get a handle on matters, we just have to accept that the cryptocurrencies world is a modern equivalent of the Wild West, right?
Well, maybe not.
Ensuring Full Compliance
As mentioned, the lack of cryptocurrency regulation isn’t something that reputable players in the industry are happy about, and with that in mind, we’ve seen some platforms and exchanges take matters into their own hands and look to bring a level of self-regulation into
