Crypto Needs ‘Adult Supervision’
– Michael Saylor, co-founder of MicroStrategy, believes that the recent bankruptcies of high-profile crypto players are “painful” but necessary for the industry to grow up.
– According to Saylor, the crypto space needs direction from entities long-involved in the traditional financial markets and input from regulators – in particular the United States Securities and Exchange Commission (SEC).
– He emphasizes that what the industry needs is adult supervision, such as Goldman Sachs and Morgan Stanleys, clear guidelines from Congress and rules of the road from the SEC.
Crypto needs ‘adult supervision’ according to MicroStrategy co-founder Michael Saylor. The bankruptcies of once high-profile crypto players are “painful” but helpful for growth, while greater industry oversight is needed. This article covers Saylor’s interview on CNBC’s Squawk on the Street about potential incoming United States crypto regulation after a recent bankruptcy in the space.
The Crypto Meltdown
Saylor opined that this “meltdown” is necessary over the long term for the industry to grow up. He added that there are some good ideas in play within crypto, yet some have implemented them irresponsibly. Therefore, he believes that guidance from institutions already involved with traditional financial markets is essential along with regulations from both Congress and the SEC if it is going to mature effectively.
Ownership & Regulation
Saylor also discussed how ownership of Bitcoin has matured recently due to organizations like MicroStrategy leading by example when they adopted it as a primary reserve asset last year. He believes this will encourage more organizations follow suit and drive increased demand for BTC overall. Furthermore, he touched on how regulations need to be developed so people can trust using digital assets without fear of criminal activity or manipulation schemes taking place on exchanges or any other platforms related to cryptocurrency transactions.
In conclusion, it seems that while there may be pain associated with certain aspects of cryptocurrency growth at present — such as bankruptcies — these events serve an important purpose which could help propel further maturation in this space if adequate adult supervision and regulation come into play soon enough.