Bitcoin Analyst Stephen Palley Says SEC’s Crypto Market Effects Are Negligible
Bitcoin has found itself being traded under $5,000 dollars at the beginning of the current week. And clearly, the negative sentiment started to spread on the market after a few days operating negatively.
However, there is a partner at Anderson Kill, a centralized law organization, that gave his positive point of view about cryptocurrencies and Bitcoin. Stephen Palley appeared on Bloomberg TV talking about the U.S. Securities and Exchange Commission (SEC) and its effect on the market.
It is important to remember that the SEC has recently cracked down Airfox and Paragon, two Initial Coin Offerings (ICOs) that were performing unregulated activities. Palley explained that the SEC is not in the business of sending messages in this way to the general public.
About it, Palley said:
“What the SEC said [in the veredict] was common sense. Just because its newfangled technology doesn’t mean that these very established securities laws don’t apply… in a statement, the SEC, concurrent with the two verdicts, explained that the technology is ‘cool’ and they’re in favour of innovation, but don’t forget to obey the law.”
Additionally, he explained that the SEC move against Initial Coin Offerings was not important for the cryptocurrency market to fall as it did during the last hours. The cryptocurrency community thought that virtual currencies were behaving in a negative way due to the decision that was taken by the SEC against these ICOs.
Palley has also said that he would be remiss to write off Bitcoin or Ethereum, the technology itself behind these virtual currencies is revolutionary by itself.
According to the lawyer, Bitcoin has a positive future in the long term. However, it is understandable that investors in late 2017 and 2018 are suffering the bear market more than those who bought at the very beginning.
At the time of writing the article, Bitcoin is being traded around $4,400 dollars and it has a market capitalization of $76.37 billion dollars.