The Wall Street Journal reported that the SEC has issued "scores of subpoenas" to companies, and individuals, involved in the digital currency markets. This announcement caused some FUD and caused BTC to drop, but BTC is trying hard to hold the support at 10430.
The SEC is talking about the scams, the difficulty recovering money, yada yada yada.
We lost money in Bitconnect, and are we crying, NOOOOO. We know the risks we are taking, and we are investing a small portion of our investing portfolio and growing it over time.
This is the Wild West with a host of problems such as Tether, Ethereum securities, stability of the exchanges, altcoins going to nothing, and more. The big BUT is that there is money to be made. This is just the beginning. If I want the stability, and reliability of the stock market, I will invest in the stock market (which we do anyway).
SEC Chairman, Jay Clayton said, "A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation."
People lose money. So what? It is our responsibility to make sure we take the appropriate risks and do what we can to mitigate them. I am not say that we let the scammers run rampant, but the SEC doesn't need to regulate every thing. Just give us the information in a timely manner, and it is our responsibility to act accordingly.
Let us know what you think below.
