The Huge Opportunity in Taming Crypto’s Wild West

Andy Snyder|September 23, 2021

It’s a high-stakes negotiation. Some $2 trillion is on the line.

We’re in the early stages, when rhetoric is tough and debate seems futile. But we’ve been here before.

We know the riches to come.

Time will smooth the edges. Compromises will be made, and the harsh words will be tamed.

In the end, great wealth will be unleashed.

It’s an exciting time to be deep in the crypto space. On the outside, it looks like a standstill. But on the inside, where we can hear the backroom whispers, the opportunity looks huge.

We’ll start with the obvious…

Gary Gensler is the head of the SEC. He’s living proof that if you give a kid a hammer, everything looks like a nail. As the man in charge of regulating the world’s largest securities market… he thinks everything looks like a security.

He says that without the aid of his agency, big trouble will brew for the crypto world. It must be regulated… or else.

He’s used a lot of analogies recently, hoping to find one that sticks.

He’s called the industry the wild west of trading… he’s compared it to gambling in a Western saloon… and he’s said the industry reminds him of the wildcat banks of the late 1800s.

They’re all interesting ideas – great ways to pull at the heartstrings of the skeptics and the unsure.

But dare we ask what our great nation would be without her rough-and-tumble adventures westward? Would we be the global superpower we are if the suits and top hats in Washington had put a sign at the Mississippi that said “Do not cross”?

Gensler’s pioneering foes remind him that with risk, of course, comes great reward.

The big banks and the world’s crypto-focused investors are quick to remind him that the trail to the new land is already blazed. The ruts are getting deeper by the day.

This is where the tale starts to bend… from headlines to reality.

The Other Side

The nation’s savvy investors are telling regulators to pound sand. These investors are the ones pioneering the new land and, therefore, they’re the ones who know what’s best.

They want regulation. They know it’s important. And now they’re telling wannabe regulators that they’re flat-out crazy.

“We find the proposals in the consultation to be so overly conservative and simplistic that they, in effect, would preclude bank involvement in crypto asset markets,” the Global Financial Markets Association wrote in a formal response to rules proposed by the Basel Committee on Banking Supervision.

The committee says banks should essentially have reserves equal to their crypto stakes.

If a bank has a million dollars in Bitcoin, in other words, it should have a million dollars set aside for potential losses.

It’s a silly notion, and everybody knows it.

Those same rules call for banks to hold just a third as much reserves for a “speculative unlisted equity” and require no reserves for gold.

That’s why the banking industry tossed out a much smaller number.

Of course, this is how the game is played. It’s the art of negotiation.

Both sides start on the fringes and move to the middle.

That’s key. That’s the grand news in all of this.

The Healthy Next Step

There’s hardly a serious crypto investor who doesn’t want at least some regulation. Just this week, Mark Cuban – a notoriously fickle crypto investor – said regulation “will open the door for more people to confidently use crypto.”

He’s right. That’s why the big banks are fighting so hard. And, ultimately, it’s why Gensler is putting up his fists too.

They know they’re dealing with something great… something important to the future.

Nobody knew what a tamed West would look like. But the exploration and risk it took to bring it about paid off. Without it, this nation wouldn’t be what it is.

It’s the same with crypto. There’s no arguing otherwise.

The market is pricing in regulation. It knows it can’t be a free-for-all.

That’s why now is the time to buy. Once the regulators settle on their rules, the next generation of crypto investors will come pouring in. They’ll want to get in on the action they’ve heard so much about.

Prices will surge.

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