Investors see a future in cryptocurrencies, but according to Grayscale Investments CEO Michael Sonnenshein, U.S. regulatory “inaction” comes at the cost of elected officials’ support. A digital asset firm is suing the Securities and Exchange Commission (SEC) after regulators refused to allow the conversion of $12 billion in Bitcoin
“It’s a missed opportunity when regulators don’t take existing products and bring them into the eye of regulators.” Forbes iconoclastic summit on thursday.
I got grayscale support From a quarter of cryptocurrencies and traditional finance in a legal battle with the SEC.
The largely dissident crypto sector, which has turned a blind eye to regulators, has been calling for clearer government standards to encourage new investors to dive into digital. Meanwhile, President Joe Biden’s White House encourage The SEC and other agencies use existing laws to regulate the industry in a non-adversarial manner.
“Regulation is a must now,” said Christine Moy, Apollo Global’s Head of Digital Assets.
But investors are looking beyond the legislative proposals currently stalled in Congress to the upcoming midterm elections and the 2024 presidential election. “This is what voters think,” Sonnenshein said of his Grayscale lawsuit against the SEC.
Anthony Scaramucci, Founder of SkyBridge Capital said: “He has over 70 million people who own cryptocurrencies and he doesn’t want to offend them.”
Sam Bankman-Friedthe FTX exchange CEO (and Scaramucci’s 30% owner of SkyBridge) is making concrete efforts to fund crypto-sensitive candidates through 2024, but perhaps he We haven’t quite crossed the $1 billion range that we were doing. quoted “We play it by ear,” he said in a previous appearance panelindicating that the total amount he contributes to political campaigns is very likely to be less than $1 billion, but not more.
Young voters could have the greatest impact on the election of crypto-friendly candidates. A recent poll by Grayscale found that 80% of his primary voters want more crypto regulation, and 50% say cryptocurrencies are the future of finance.
For Moi, it is this age group between the ages of 19 and 25 that his first investments are likely to be Bitcoin, Ethereum or even Dogecoin.
“Think about the psychology of this generation,” she told attendees. “How will they invest when they inherit generational wealth?”
Sonnenschein agrees, saying, “Given these trends and investor preferences, some will end up in asset classes like cryptocurrencies.”