Crypto needs a global regulatory organization, but hear me out

Blockchain has changed the world in miraculous and groundbreaking ways. The crypto-experience provokes strong emotions — feelings of freedom, empowerment, and financial revolution. Industry experts, developers, investors, and enthusiasts have fallen in love with blockchain technology and the perceived liberty it brings, myself included. But love at times, has a funny way of clouding our vision and frustrating practical thought. Enthusiasm and excitement turns to anarchy, fantasies and delusions of a world without banks and governments. Have you heard this before? Of course, you have. And in all honesty, even I may have believed it for half-a-second — but then I remembered that I live in a place called reality. Naïve and delusional storytellers have actually convinced themselves and others that cryptos will conquer armies and turn the world’s most powerful banks to dust… “Poof”

If you are hearing this for the first time, have a seat, things are about to get real. It’s not going to happen. Banks and governments will exist tomorrow, and 100 years from now. The technology may change, but the organism of the world will remain. But don’t look so depressed, everything will be OK. The crypto-asset industry WILL be legitimized and adopted by the masses. The technology is everything that you thought it was and more — it just needs to be regulated properly. The key word here is properly.

I get it. There is an inescapably strong stigma attached to the idea of additional regulatory oversight. The thought of an organization, government or association trying to “control” what the industry does scares people, and for good reason. The thought of stockbrokers from the 80s in a room writing crypto-regulation scares you as much as it scares me, in fact it terrifies me. To this point, governments and regulators have taken the easy way out. They took a complex technology that they didn’t even remotely understand and then tried to regulate it like the assets that they were already familiar with. Governments were familiar with transactions involving “commodities” and “securities” offerings — and under the guise of a “regulatory-sand-box” they have lazily fumbled around, half-heartedly with our “beloved” crypto. A reasonable and expected government response (in all honesty). Deference and understanding must be earned.It cannot be taken. We must come together and unite behind the CBRTF.

Crypto-assets and ICOs need to regulated properly and by a jury of our peers. You can call it self-regulation. You can call it membership-regulation. You can call it whatever you want, but it needs to happen. The same way that FINRA regulates investment banks, funds and broker-dealers, the CBRTF will regulate blockchain/crypto-asset companies and ICOs. Through the thoughtful representation and collaboration of our ENTIRE industry, the CBRTF will set clear standards and best practices to protect consumers and facilitate meaningful, scalable growth.

We all love crypto and want to see it succeed, and thoughtful regulation is our only path to the lasting success and legitimization of crypto-assets. We must take steps to assure a safe and efficient marketplace. Investor confidence in our industry is at an all-time low, and frankly, it’s embarrassing. The increasing number of liars and frauds in our industry is very upsetting. It is destroying consumer confidence, and harming our industry. Honest ICOs with ground-breaking ideas are being harmed. Investors are being harmed. Consumers are being harmed. 

It’s time to take action for the greater good of the industry. It’s time for the CBRTF.

 

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