Hello Hive users, I'm going to present you a bit of a scary, a little worrying news. It is true that we are both excited and worried about the future of cryptocurrencies. I wouldn't want to write a pessimistic article in my first post. But this news caught my attention.
SEC could jeopardize future of all cryptocurrencies
Mati Greenspan, founder and chief executive of Quantum Economics, warned that by fighting the SEC's decentralized content sharing and publishing protocol, LBRY, all kritpo currencies were jeopardizing their future.
Mati Greenspan, founder and chief executive of Quantum Economics, warned that by fighting the SEC's decentralized content sharing and publishing protocol, LBRY, all kritpo currencies were jeopardizing their future.
Greenspan noted that the SEC's move against LBRY could kill the crypto sector if the courts rule against LBRY.
“If the court sides against LBRY, the future of all cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), will be in jeopardy.”
Quantum Economics ' CEO argues that the attitude taken in the case against LBRY is a very liberal interpretation of the Howey Test:
"To say that LBRY loans, the essence of multifaceted programmable money, are indistinguishable from your traditional investment vehicles, is an extremely subtle extension of the Howey test that the SEC continues to use as its primary weapon in its fight over digital assets.”
Grenspan also thinks that if LBRY loses in court, only stablecoins can survive the regulations:
"A negative decision can make it easier for any project that uses crypto tokens to disappear. With the exception of DeFi, NFT, smart contracts and possibly stablecoins, almost everything will be on the target board.”
