Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss
Our take on this article:
One of the pillars of cryptocurrencies is trustless transactions. That means the transacting parties do not have to trust a central authority to carry out their transactions for sending and receiving crypto. However, this "trustless' aspect did not extent to transactions in a centralized crypto exchanges, which became very popular along with the popularity of cryptocurrencies. That resulted in many scams.
Other than centralized exchanges, many more centralized financial organizations are jumping into the crypto space. These centralized organizations dealing with crypto market need to be regulated to be secure.
There should be a decentralized trustless solution for these organizations if crypto is to stay completely trustless and stay free of regulations. As for exchanges, there are decentralized exchanges, known as DEXs. They are not very popular, partly because they are still new with only a few in the market now. For the financial organizations other than exchanges there are hardly any decentralized solutions. There is a possibly of creating such solutions with a combination of AI, big data and DLT.
Would the crypto community find the appropriate solutions soon?
Only time will tell.
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