Crypto Pioneer Charlie Shrem Of Crypto.IQ Reacts to Genesis Vision’s US User Limitations
Genesis Vision published that it will stop US users from accessing its asset management platform when it kicks in on Oct. 30, in a pre-emptive move to shield itself from any likely action by the U.S. SEC. Justifying the decision in a blog post the company reports American regulation as a “vital issue and needs a careful, professional and proper approach.”
Crypto.IQ has reacted to the resolution, defining it as “smart” while reprimanding the SEC for forming an atmosphere of fear and uncertainty in crypto investment. although the decision comes as a surprise to many Americans, it is understandable that Genesis Vision wants to cover its own bases, and they do not blame the company for defending itself from the SEC. The article states:
“Reading between the lines, what they exactly meant was — ‘We would like American participation, but we don’t want to be 1Broker’ed by the SEC.' It’s the smart thing to do. Of course, we want access to the platform, but we also don’t want to torpedo the project before it can really take off.”
A good relationship with the SEC as in everybody’s best interests, Crypto.IQ declared that considering the SEC is incapable to offer any real guidance now, Genesis Vision should continue performing their idea without help from US investors and users. Though financing from U.S. investors is crucial to the platform’s long-term success, there is still a long way to go and all is set for when the SEC provides a clear path forward.
Talking about SEC, Crypto.IQ criticized the regulators for standing in the way of innovation and progress in the crypto space due to its consistently vague and ambiguous regulatory stances on all things crypto-related.
“We don’t take issue with Genesis Vision in this regard, but we are losing patience with the SEC. We know the SEC wants to get it right, and we applaud them for that. But the US is risking losing its leadership position. There’s been plenty of time to understand the tech, formulate a position, and establish a framework. It’s time to share it with us and the rest of the world, so we can all move forward.”