Traders & Regulators: City AM Introduces Panel Discussion Tradition

At the end of May, City A.M. launched on its platform the first DeFi & Digital Inclusion Online Summit, dedicated to all aspects of the functioning of digital assets. We took part in several panels of this large-scale expert discussion. This is what the leading traders and lawyers of the industry predict for the cryptocurrency:

‘The revolution will not be centralized’

Chris Kacher, a famous trader and host of several broadcasts on CNBC, Bloomberg and Reuters, concluded that we won’t be seeing a midlife crisis for cryptocurrencies in the next decade. At the same time, according to Kacher, Ethereum’s fortune is less prosperous than Bitcoin’s. As the trader says: ‘Ethereum will become deflationary starting in July when its major particle is launched’.

Chaos is a part of routine

Institutions and companies are starting to recognise Ethereum in addition to Bitcoin as a possibility of being acquired. As Kacher thinks, those who want to buy crypto for a minimal price actually provoke the spread of ‘pessimistic and manipulative stories’. But it’s all a sort of ‘routine practice’. For those who are afraid of price fall, Chris Kacher gives only one piece of advice: ‘Never invest money you can’t afford to lose since black swans beckon on the horizon’.

The second panel we participated in was devoted to regulatory plans of governments all across the globe. Here’s how the world regulators will possibly treat crypto companies in the next few years:

No one should be left behind

It’s clear now even for those who have just entered the cryptomarket that there are no universal rules to regulate all types of assets anymore and all projects need specific analysis depending on their products, area and scale. This statement was confirmed by Erica Federis, CMS law, specializing in legal support for digital transactions, ‘Each project will need to be assessed and analyzed on a case-by-case basis’.

Old rules don’t work anymore

In light of the latest actions of Beijing the global crypto market is agitated and frozen in anticipation of tough restrictions. But in fact, today it is becoming more and more obvious to those who pass laws that it is no longer possible to ignore decentralized finance. That is why Aaron Payas from Hassans says: ‘The whole approach to regulation has to change. <…> Now we see it’s almost an old system trying to regulate a new system’. This does not mean that the conflict between the past and the future is nearing completion, but it is clear that the only way forward is consensus.

To each his own

And, of course, whenever it comes to decentralized finance, the issue of money laundering and terrorist financing comes up. Answering this question, James Ramsden, Astraea Group, poses a different challenge to legislators: ‘What are we trying to regulate? Are we trying to achieve consumer protection or are we regulating to enhance law enforcement, to stop money laundering and terrorist financing? Because they are two completely different things which you will regulate in completely different ways’. This is the reason why extreme regulatory measures cannot be justified by defense of users’ rights. Saving people’s money and fighting crime are not always related.

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