Proponents of the cryptocurrency industry have been responsible for the creation of awareness within the digital asset ecosystem. One of the industry’s major advocates has been Grayscale Investments’ CEO, Barry Silbert, who was in the limelight recently owing to the organization’s DropGold campaign.
In his latest interview with the Intercontinental Exchange, the CEO spoke about how the Securities and Exchange Commission of the United States had a tough job managing a multitude of assets. In his words,
“The SEC has a really difficult job right now. There are 70-year-old rules that they need to adhere too and they come to around 34 regulations. Despite this, they have been thoughtful and methodical, and from all the meetings and announcements from the organization, it is clear that it is a question of when and not if.”
Silbert further claimed that recognition from multiple mainstream parties was a sign that digital assets like Bitcoin were here to stay and challenge the norms of existing commodities.
Some reports have also speculated that the SEC is warming up to the idea of digital assets, with the approval of crypto-powered investments standing out as a shining example. The all-clear from the SEC was given to Blockstack, an open-source decentralized platform to conduct a one-of-a-kind regulated token offering.
Blockstack had reportedly shelled out a whopping $2 million to gain approval, as the parties involved in the deal had to make a protocol from the ground up. The news was well-received by much of the crypto-community, following which Anthony Pompliano, CEO of Morgan Creek Digital Capital, tweeted,
“HERE WE GO! @blockstack was just approved by the SEC to hold the first regulated token offering under Reg A+. Finally non-accredited investors can participate in investments that previously were only open to the rich. The laws need to change, but this is next best thing.”