I don't like Gary Gensler, even though under his watch the BTC Spot ETF was approved! Gary Gensler wants to regulate the crypto market, he wants to have a lot of power and I believe there is a rational interest involved in that. Maybe he is helping traditional companies slow down the development of crypto to help them gain more market share!
1. That's why I don't want crypto to be a security, and this issue is very important.
2. Crypto should be a commodity or a new asset. If I had to choose, CFTC is better for crypto!
3. CFTC does not sue crypto companies and projects, CFTC can help the crypto market grow stronger.
4. If a token is determined to be a security, it will lose the opportunity to increase in price. XRP is a typical example: XRP fell under the SEC lawsuit and missed the cycle 2020 😳
Oh, I forgot what happened to XRP when it was sued by the SEC and threatened to become a security. XRP is a very potential token and grew strongly in 2017 but could not create an ATH in 2021, eventually it was classified with the group of dino-coins and forgotten-coins. If the majority of tokens in the market are accused of being securities, we could see a market collapse. Only BTC and ETH are not enough to create a vibrant market like the current one!
I also thought of a new form of asset that Congress could accept: crypto is not a commodity or security, crypto is crypto and needs a separate management agency, not the SEC or CFTC.
Cryptocurrency is very important to me, that's why I continue to stay on altcoinstalks forum.
SEC, CFTC or whatever the financial institution is, I don't care because cryptocurrency must remain as it is now, unstable and have many different features from Fiat etc.
Cryptocurrency remains cryptocurrency and there is no need for regulation from various financial institutions because that would only provide intervention to the cryptocurrency itself.
I like that cryptocurrency remains as it is now, the price changes irregularly and it is difficult to predict whether it will go down or up and is independently owned by the person who owns the Private Key itself.
I agree with the independent and self-custodial nature of crypto, but currently governments want to manage crypto to collect taxes to enrich their budgets.
We are interested in the US government's perspective because the US is the largest economy globally. Currently, the issue of whether crypto is a commodity or a security is very hot, we cannot hide from this issue, we need to fight with the SEC to protect the crypto market!