John Berlau, an economist at the libertarian think tank Competitive Enterprise Institute. recently published a paper on April 11 criticizing the United States Securities Exchange Commission’s approach to regulating the cryptocurrency industry.
Berlau’s paper, titled “Cryptocurrency and the SEC’s Limitless Power Grab: Why Speculative Consumer Goods Are Not ‘Securities,’” accuses the SEC of stunting innovation in the cryptocurrency industry.
In the paper, he states that blockchain technology and cryptocurrencies are transformative and innovative, but entrepreneurs haven’t been able to experiment and utilize the technology due to the SEC’s constant crackdown on cryptocurrencies.
The SEC’s Approach to Cryptocurrencies Could Harm Blockchain Functionality and Retail Investors
Apart from the SEC’s stifling approach to cryptocurrency and its innovation, Berlau argued that their approach could even threaten the functionality of blockchain technology if cryptocurrencies were…