An executive equity expert of US’s business giant Jefferies has said that the US regulation for crypto would be absolutely positive and beneficial for all the stakeholders, which would also include Bitcoin and public-approved cryptocurrencies. In fact, it is going to be better than the one being implemented recently in China which is turning out to be a “draconian” regulation.
Christopher Wood is the senior-most equity expert working with the US-based investment and fund management firm known as Jefferies. Wood has been in charge of the firm’s global policies concerning equity. Wood has recently published a research note which has been authored by him under the title “Greed & Fear”. On the other hand, it has been claimed by Jefferies that it is the world’s biggest non-dependent global investment firm.
In this research note, Wood has spoken freely and fearlessly regarding Bitcoin and the possibility of a regulated crypto industry. He said that the US version of the crypto regulation is going to be one that would be positive and based upon consensus. He stated that the US regulation would be an absolute opposite version of Chinese regulation. He claimed that the Chinese model of crypto regulation is entirely one-sided and damaging to the crypto economy. It is a “draconian” regulation, which has been misused by the authority for the purpose of abusing Chinese crypto investors.
Wood also spoke about the change of leadership at the Securities & Exchange Commission’s office. According to Wood, the new Chairman of SEC is a wise man who is fully aware of the concept of crypto. He said that with the expertise of Gary Gensler and the four Commissioners, the US is capable of introducing a very positive crypto regulation.
Meanwhile, Gensler has continuously insisted upon the US Government to immediately provide for concrete crypto regulations. However, SEC has issued its annual agenda which apparently did not contain any proposal for the crypto regulation. This would simply mean that interestingly for this year, there is not going to be any crypto regulation in the US. If any regulations are to be provided for, they can only be brought into implementation next year. Even that would be subject to being enlisted as one of the SEC’s agenda items for the year 2022.
However, in the words of Wood, whenever there will be regulation, they would be comprehensive and positive. They would be beneficial for the authorities, crypto investors as well as for cryptocurrencies, including Bitcoin, said Wood. However, until crypto has not become an essential part of the mainstream system, cryptocurrencies should make sure that respective networks are fulfilled. According to Wood, “fulfilling of network” would mean that crypto would need to give people more confidence for its ultimate adoption.