Genesis Vision recently announced that it will stop US users from accessing its asset management platform when it launches on Oct. 30, in a pre-emptive move to protect itself from any potential action by the U.S. SEC. Explaining the decision in a blog post the company describes American regulation as a “vital issue and needs a careful, professional and proper approach.”
Charlie Shrem’s Crypto.IQ has reacted to the decision, describing it as “smart” while berating the SEC for creating an environment of fear and uncertainty in crypto investment.
According to Crypto.iq, 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 protecting itself from the SEC.
Explaining this further the article says:
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.
Describing cooperation with the SEC as in everybody’s best interests, Crypto.IQ stated that since the SEC is unable to offer any real guidance now, Genesis Vision should continue implementing their vision without help from US investors and users. Though investment from U.S. investors is critical to the platform’s long term success says Crypto.IQ, there is still a long way to go and all is set for when the SEC provides a clear path forward.
The platform further stated that Americans have not been involved in many ICO’s because issuers shy away from the possibility of offending the SEC and putting themselves in the firing line of future SEC regulations. This it says, is disappointing if not unexpected.
Turning its attention to the regulator, Crypto.IQ then criticised the SEC 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.
Going all guns blazing at the SEC, Shrem’s platform said:
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.
The response further stated that there is a lot of American innovation in the crypto industry, and there would be even more if Americans had a clear regulatory environment. According to Crypto.IQ, a significant amount of American capital is waiting on the sidelines out of fear of the SEC, while their counterparts all over the world are more fully involved in this financial and technological movement.