Fears of financial regulators such as SEC regarding crypto frauds are completely justified, according to crypto analyst Paul Vigna.
In his opinion, the crypto industry is inferior to traditional capital markets due to the lack of proper regulation and, accordingly, security for investors.
Paul Vigna added that participants of the “classical” financial market are taking measures to detect manipulation and prevent economic, political or legal harm. However, even with these measures, intruders continue to turn illegal operations.
According to the analyst, the crypto industry is in an even more deplorable state due to lack of supervision.
Also, Paul Vigna believes that because of the lack of full transparency on crypto-exchanges, the US Securities Commission (SEC) is not yet ready to accept bitcoin-ETF.
“It is inconceivable to imagine that the SEC will approve the ETF or similar environment for investment without a secure solution for cryptology. Now, “good” governments do not look at the crypto industry as something that they need to outlaw or oust from existing markets. They see that there is potential here that can benefit people. Therefore, they are trying to figure out how to use the appropriate regulation to implement the capabilities of cryptocurrencies in everyday life, “said Paul Vigna.