Recently in an interview, Michael Arrington, Partner at Arrington XRP Capital, spoke about regulation in the cryptocurrency space, and the future of the industry.
Arrington stated that regulation was not something that he wanted, but that regulation was coming. He went on to say that people were in a situation where they were wondering what the Securities Exchange Commission [SEC] wanted, what they were going to do in the future, what is a utility token and the likes.
In Arrington’s view, it was the worst possible situation to be in, because the U.S was seeing a slow innovation in comparison to Asia. He pointed out the fact that none of the good projects wanted U.S investors. He added that it had resulted in a large number of individual investors being shut off from such deals.
He went on to say:
“what I’d really like to see is no regulation. But if we’re gonna have regulation we need to have it right and the SEC needs to make their move, they’re moving super slow. What I’d rather do is make rules, they can change them over time, at least so we know what the rules are. That’s my biggest concern.”
He also stated that there were several other concerns than regulation in the industry, like fraudulent and bad projects. However, he stated that he was excited about meeting some new entrepreneurs from India, Korea, South Africa, the countries in which they had invested in and seeing them follow their dreams in a way, which was impossible 10 years ago.
On being asked what the cryptocurrency industry would look like 10 years from now, he stated that currently, the market is valued at hundreds of billions of dollar. He added that the market will reach a very “high Trillion USD” even before it hits 10 years. He concluded by stating:
“I won’t pretend to know what 10 years from now looks like but it’s going to be fun, I think being in the middle of this industry and watching what happens.”
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