The crypto industry can self regulate without the heavy hand of government and needs more time to develop. This is the message that some of the “faces” of crypto are not pushing back hard enough with according to John Davenport, Director of Marketing at Senoa.
“The cryptocurrency industry needs a spokesperson who will hold the line while engaging the regulatory challenges for the industry. We do not have a good face for the industry yet and those who are engaging often come from the very place that cryptocurrency is rallying against” said Davenport.
Senoa, a new deflationary token, is demonstrating how crypto can regulate itself. Along with the best infrastructure and deflationary aspects Senoa’s business model, transparency, quarterly reporting, and other factors demonstrate that coins and companies can regulate themselves. “The regulators in every country need to give the industry more time to mature. There are already laws on the books that protect investors and now is not the time for the heavy hand of government” Davenport advised.
Around the world, governments continue to evaluate how to respond to cryptocurrency which changes the way people
see money and it presents threats to the powers that be and provides financial opportunities to those who did not have it before.
Cryptocurrency has been said to be like the internet was back in the 1990s. It is worth noting that back then government did not use regulatory power to protect newspaper or the film industry. If they had there would be no YouTube or Facebook now. They did not drag out 1930 communication laws and try to force every website to comply.
The crypto industry can and will evolve if given the opportunity which is what people want as has been demonstrated over the past year by the rise in acceptance of cryptocurrency. As it evolves through tokens like Senoa it will fully move into the mainstream.