Crypto Attorney Mr. Palley Trusts Micro-Payments Can Benefit Bitcoin, “ICO Boom” is Done Forever
Renowned attorney within the crypto sphere, Stephen D Palley shared his opinions on cryptocurrency, its benefits to other fields and discussed why he is not so much into Initial Coin Offerings (ICO) with Max Keiser reports AMBCrypto.
Palley, who serves as Anderson Kill’s partner at the Washington DC Office, first shared his story as to how he got involved in cryptocurrencies. As per his claims, what led him to our crypto sphere is the need for a program that would help in settling “third party number lawsuits.” According to the news reporting, Palley added that the main goal was to, “program money to move without even having an account or an escrow.”
Moving Small Amounts of Money Deemed a Problem
A major problem that Palley had supposedly faced is the act of transferring “small amounts of money,” i.e. micropayments. Hence, he argues that this is something that can be resolved by considering the likes of Bitcoin and other cryptocurrencies.
ICO Boom of 2017-18 Less Likely to Happen Again!
Along with mentioning how micropayments can benefit from the cryptoverse, Palley also shared his viewpoint on ICO, and what he made of the boom of 2017 and 2018. Interestingly, he made the case that he wouldn’t use a technology he’s not accustom to, to raise money, adding that:
“What I do know is that what happened in December 2017-June 2018 will not happen again. Right now, we are dealing with disputes in the space, and ones that are related to regulations.”
Palley’s Viewpoint on Confronting Regulations for Crypto
When discussions surrounding regulations flourished, Palley argues that people should confront it in a friendly matter. He believes that Bitcoin will one day be accepted just like when electricity was first introduced hundreds of years ago.
Palley also spoke of the Securities and Exchange Commission [SEC]. In particular, when he was asked whether changes were required in laws addressing blockchain and cryptocurrency, he noted that he is a believer in the Howey Test.
For those unaware, the Howey Test was established to test whether or not an arrangement/asset requires an investment contract – i.e. whether or not something should be considered a security.
As for his response, he doesn’t see the need to change the securities act, however, he believes that certain aspects need tweaking. More specifically, he said:
“I do believe that there are some areas where there can be more regulatory clarity, especially the Bank Secrecy Act. The changes can also extend to transactions that are crypto to crypto transactions as well.”
Finally, Palley trusts that Bitcoin’s tumbling price value from the 20,000s to the mere 3 to 5,000s was not a result of SEC intervention, adding that said relationship is not so evident to him.