June 12, 2018 186By Thomas Ramsay
“Most regulation is superfluous at best, and a lot of it is quite harmful. Even if someone doesn’t buy into the idea that cryptos will overtake fiat, most people should at least be interested in the fact that competition is now happening. That’s generally seen as a good thing.”Moreover, in reference to the United States regulatory stance on cryptocurrencies specifically:
“Regulation should focus on preventing fraud and theft. There is no need for thousands of pages of regulations to prevent fraud. Most of the regulations have nothing to do with preventing fraud. Consenting adults who are not cheating each other should be allowed to interact economically in any way they see fit.”See the full report by BTCManager for yourself, here- https://btcmanager.com/shapeshift-ceo-the-time-has-come-for-cryptocurrencies/ Moreover, you can see the full interview with Erik Voorhees, by Bloomberg, here- https://www.bloomberg.com/news/videos/2018-06-08/shapeshift-ceo-says-blockchain-tech-is-taking-over-the-world-video What do we think about this? It’s hardly breaking news that a crypto-entrepreneur believes regulators need to start taking cryptocurrencies seriously, Voorhees is naturally going to sit in a biased position when it comes to cryptocurrency adoption. This is a good thing though, ultimately, we need more people like Voorhees to stand up and speak up for cryptocurrencies, as, endorsement from successful crypto-entrepreneurs means that mainstream factions will start to take cryptocurrencies more seriously, that’s a fact. Therefore, it is great that Voorhees has spoken out like this on a mainstream news network. Moreover, what he is saying does indeed ring true and we too believe that cryptocurrencies are growing to a point in which they will eventually challenge traditional financial norms, whether traditionalists like it or not. Ultimately, if they squeeze in regulations now then cryptocurrencies will take the markets at their own free will, that could be problematic. Otherwise, if governments, authorities and regulators all start working together now, we can all help ease cryptocurrencies into the mainstream in the most effective way possible.