Former CFTC chairman, Gary Gensler, made a recent speech at the MIT Technology Review Business of Blockchain in which he stated in no uncertain terms that many – if not most – crypto currency exchanges are operating outside of U.S. regulations, and that they WILL be brought into compliance:
The first event is the speech made by former CFTC Chairman Gary Gensler at the MIT Technology Review Business of Blockchain on April 23. Gensler backed the SEC stance on ICOs saying that “Many initial coin offerings, probably well over a thousand, many crypto exchanges, probably 100 to 200, are basically operating outside of US law”. He added that he expects that “2018 is the year to start bringing into compliance this sort of 1000 plus tokens” and that “when and not if, is the only question“.
He added that except for bitcoin, bitcoin-cash and litecoin (which are not securities), also Ripple, Ethereum, NEO and EOS may very well be considered securities.
While some participants in the cryptocurrency world view any regulation as an intrusion, more seem to be of the opinion that regulation will pave the way for mainstream adoption, and along with it significantly higher usage and value.