Bitcoin and cryptocurrency is a grey area for regulators and banks. Whereas it sparks worry for governments, people are adamant that it is for just that, the people.
The motto for the cryptocurrency space has been that of decentralisation. It is its iconic distinguishing feature that sets the blockchain space apart from other sectors and cryptocurrencies like Bitcoin and Ethereum from other assets.
No central bank, regulators, or government controls crypto, and unless you’re a bitcoin naysayer like Peter Schiff or Nouriel Roubini, it’s hard not to appreciate this push toward democracy and decentralization. When the space starts to make compromises, that’s when the ideals become bit foggy and in some cases goes against the point. It’s possible that crypto market leaders are shifting closer to making that vision even foggier today.
As covered by CCN The Wall Street Journal states:
“Leading crypto exchanges – including but not limited to Coinbase, Circle, Kraken, and Bittrex – have decided to band together and create a system that ranks digital currencies based on their likeness to securities.
They even have a cool name – the Crypto Ratings Council, although it sounds like something out of Rick and Morty…
President and chief legal officer at Blockchain.com, Marco Santori has said, it is a “series of legal conclusions, devoid of reasoning…a scattershot blast of facts aimed haphazardly out of Howie’s four short barrels.”
He went onto tweet:
“Worse, the Council consists of many of the major custodians: Kraken, Coinbase, Circle, etc. who do business in the US. These mostly hollow ratings are very likely to be persuasive across the industry. A powerful black mark on your asset, or an undeserved seal of approval.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!