Crypto exchanges require issuance and trading frameworks to get SEC’s approval, claims Blockstack CEO Muneeb Ali
As Binance and Bakkt have taken steps to ensure crypto’s presence within the U.S. territories, businesses leaders from both ends of the spectrum are forced to view their opinions about the new normal in finance. Hinting towards present governmental sentiment toward Bitcoin, SEC Chairman Jay Clayton had mentioned the crypto ecosystem misses out on the “same rigor as NASDAQ or the New York Stock Exchange.” He also opined,
“We have to get to a place where we be confident that trading is better regulated.”
On a positive note, Blockstack CEO and co-founder Muneeb Ali mentioned that he has “remained cautiously optimistic about the work that the SEC is doing.” While Blockstack has reached the historic milestone as the first company to gain SEC’s approval on token sales, he said,
“While there are a lot of (crypto) exchanges that are trying to get their appropriate licenses, right now we can’t say in a very confident way that yes, they will get their appropriate licenses.”
Ali attributed this remark to crypto companies looking at “half of the picture” where they consider the issuance framework but miss out considering its trading requirements within the U.S. jurisdiction. Hinting Blockstack’s success in getting SEC’s clearance, Ali added,
“That would complete the picture, where not only you can issue these assets, but you can also trade them in a fully regulated way.”
Giving traditional media viewers a peak into the cryoverse, the Blockstack CEO highlighted Ethereum as “very experimental that tries out risky things” but supported their motive by stating Blockstack directly provides an alternative to their offerings.