Change is inevitable in life. We need to be able to live life in the unknown. Sometimes we need to put our trust in ourselves or in something bigger to take the next step. It’s like standing in a completely dark room and not knowing where to go, and all you need to do is trust your judgment and take a small step in one direction to find light. It’s the same in crypto. Things happen quickly, and we need to consider our next step.
The past week started off well, and then the world’s largest crypto exchange was caught in the legal crosshairs of U.S. regulators. Binance and its chief, Changpeng Zhao, found themselves facing a barrage of charges—13 to be precise—for allegedly skirting U.S. securities laws. The Securities and Exchange Commission (SEC), as well as the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS), have all been poring over Binance’s operations over the last few months. The SEC alleges that Binance was actively trying to evade U.S. securities laws to keep American investors using their platform, a move they described as an “extensive web of deception.” The crypto market fell instantly, and no one knows what will happen in the future. In fact, suddenly, the SEC claims that massive crypto assets like Solana, Cardano, Matic, Filecoin, Sandbox, and a few more are labeled as securities. The word in the crypto space is that it’s a big deal and yet a big nothing burger. U.S. regulators are just looking for a piece of the pie. The fear is that the continuous lawsuits against cryptocurrencies are part of a larger scheme to stop crypto and create a central bank digital currency. Sometimes that crypto room gets dark, and we need to stick to our belief in what the future holds.
…But hey dear reader, there’s good news. The Markets in Crypto Assets (MiCA) law, proposed by the European Commission in June 2022, may have far-reaching positive implications for the industry. There’s increased clarity in Europe. While asset managers believe crypto to be a long-term investment, the mainstream is still cautious due to the lack of regulation.
However, the increasing adoption of cryptocurrency and blockchain technology by businesses suggests that more and more people are willing to take the risk and dive in. It’s no wonder that many in the industry compare crypto to the internet in the ’90s – full of opportunities, risks, and the promise of the unknown. We need to stay up to date with developments and consider which blockchain technology has a great use case and the potential to be a part of future society. Then take the next step. The future is bright for those who embrace change and uncertainty.