Intelalley caught up with Chris Wittenborn, director of business development for the digital exchange of digital exchanges operator Velocity Markets to discuss what the coming year has in store for the cryptocurrencies and crypto-asset markets.
Tis the Season for Lawyers: Regulation is Everything in 2020
“In retrospect, I think I should have been a lawyer because, despite the crypto winter, it seems like a bull market for legal advice. Despite these challenges and costs, it’s exciting to make advancements because it not only helps allow us the opportunity to do business with more entities and people, but it also helps the entire crypto ecosystem grow up. Over the past 24 months and more specifically this year, I’ve noticed a more buttoned-up crowd at crypto conferences. Large and systemic institutions are asking the right questions as they come up the learning curve – as are the regulators. I would have never expected when I began this journey in 2013 (full time 2017) that I’d be regularly interfacing with regulators or sitting on panels with people from such organizations at the FBI.”
A Digitized Currency will Come Sooner Rather Than Later
I believe we will have a digitized currency. I’ve long said that the original crypto-libertarians will roll over in their metaphorical graves when the government learns how powerful blockchain technology is and ultimately turns the sword against these original cryptographers in the form of a big brother-esque heavily surveilled digitized currency. I’m not sure if this will be completed in the next decade, but without a doubt, it will be heavily discussed and garner news time.
A Retooling of Accredited Investor Rules
“I’m hopeful that we see a retooling of the accredited investor rules. I know there is an alphabet soup of agencies in the United States with varying mandates – but I always find it interesting that someone who might have an MBA or be a CFA Charterholder, but fall below a random dollar threshold of earned income to be limited from some of their investment options. Meanwhile, in this same country, you can walk into a casino – know nothing as to the rules of the game, take out a cash advance while being bombarded with free cocktails, and lose 100% of your money in one hand, spin, or roll. I’m all for investor protection, but I think if we make things too stringent, we are just going to push investors and innovation to other jurisdictions.