The crypto market is not showing much improvement in the valuation of currencies, which is why most of the people of the crypto market have their eyes on the alternatives that might actually help the market grow. ETF stands first in the list. For institutional investors and retail investors alike, the BTC ETF is termed to be one of the doors that might help them enter the crypto space by giving them a guarantee for security relating to the market. There are a number of factors that the SEC is taking into account while considering the ETF proposal. Manipulation and fraudulent activities, lack of surveillance and security are the prime reasons. Projects with no foundation and whitepapers are also the prime contributors of ETFs rejections. Although banned now, false ICOs were raised and a lot of scam projects emerged too. Dr. Michael Yuan, the co-founder of CyberMiles believed,
There probably is (or was) illegal price manipulation, which is why the SEC launched an investigation—to enforce regulations against “pump and dump” before approving derivatives (like ETF) for retail investors. Due diligence is key. If a crypto project isn’t backed by a strong, bonafide team and a solid business proposition—some projects don’t even have a basic white paper!—then that can be a red flag.
According to Michael, there’s a whole new world to discover outside of being merely an asset management system on blockchain, developing currencies and handling basic IT solutions have been implemented, now what is required for blockchain to flourish and gain mass adoption is to bring blockchain to everyday lives. According to him,
Blockchain, as I’ve said repeatedly, is moving from just another IT solution to an ecosystem builder. The strongest potential is those that are building public networks to connect and collaborate with communities outside the organization, as opposed to building another internal asset management system on the blockchain. Take ArcBlock, the world’s first blockchain ecosystem for building and deploying DApps, and Eloncity, which aims to decentralize the power infrastructure into millions of self-sufficient microgrids. These both have business propositions that are global and universal (billions of potential customers/end users).
A lot of experts also second the stance of Michael regarding the adoption of blockchain and how use cases should be explored and new areas should be tapped. CyberMiles itself has brought e-commerce to blockchain, contributing to the bigger cause.