Joseph Young, a crypto analyst and enthusiast, explains the recent happenings surrounding cryptos as SEC charges a certain exchange for offering unregistered securities. This is a serious blow to the entire crypto platform as the major meaning of being decentralized was to keep transactions away from the third party viewers and any fraudulent agents. This has been taken under an exclamation mark by the SEC as they have started charging exchanges for putting their own set of security protocols encouraging turning to the security systems that have been already registered by the commission. Young puts it as an intense predicament for the cryptocurrencies as this would pollute and manipulate the entire concept of a decentralized exchange. BlockPublisher was keen to dig into the situation and get some words from the concerned person who turns out to be Young himself.
With the US SEC starting charging the exchanges for introducing their “unregistered” securities into the system, it is a matter of time when the commission starts clawing for other such exchanges. I wonder how many decentralized exchanges will stick to being “decentralized”, with the odds stacked highly against us.
Though there seems no harm in getting a security system registered by the commission to operate legally or pay for the ones that are not registered, crypto analysts have deemed this move as a serious blow to the entire crypto community. We can state our pros and cons for the move, but it can sure work for us if we think about it. The registered securities will be fully functional and efficient while the rest will have to pay for what they build which a fraudulent system will be highly unlikely to pay for.
Young sure has his way with the words here as he rightly explains that seemingly there seems nothing wrong with the newly instated program but the entire concept of a globally transparent platform where one can freely conduct transactions as per his will with the blockchain automatically keeping everything in check without letting any other party get involved. The SEC putting the restriction to get their security protocols registered has therefore ignited the fire of rebellion inside the crypto fanatics. They have been out to provide the world a better financial management system which SEC, the regulating incumbent authority of the old defective system, seems to render obsolete.
Young’s words bear some waters as there seems no change in bringing the good out of the crypto systems and incorporate into out official systems as the sole purpose is always to come up with better solutions not just personal agendas. This, as per Young has to dealt with in due time before any more decentralized exchanges do not stay so anymore.