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Bitcoin is in the news almost every day as the leading digital currency in the crypto industry. Tracking the declining market value of this coin is one of the most popular topics of conversation. Heading into the month of April at ArmyOfBitcoin.com one other hot topic turned to the SEC’s role in some of the crypto’s woes.
David Siegal is the founder of crypto projects Pillar and 20/30. Matthew Proffitt, in his recent post on Yahoo Finance, made note of the fact that Siegal starts all of his presentations with “My name is David Siegal, I am a regulatory refugee from the United States.”
This is how Siegal describes his frustration when it comes to doing business in this country. He understands the need for innovation when it comes to business processes in terms of disrupting the old ways of doing things. He also understands that he can have more success with his innovative ideas in the UK and throughout Europe. These specific geographic regions are less reluctant to change. In certain situations, they embrace it.
The exact wording of this frustration by Proffitt is “institutional legacy mindsets are holding society back at the precise point when we have the ability to leap forward. The author detected a high level of frustration in his recent discussion with Siegal over this very issue. Siegal added:
“Building projects in crypto and blockchain is a lot like building projects in the regular business world. One of the biggest challenges we have is finding top coders. Cryptographers are easy to come by these days, but top-tier coders remain scarce.”
In what has been described as “Crypto Winter”, Siegal also lays most of the blame for industry stagnation on the SEC for intensifying the effect. This has had a devastating impact on the crypto market cap. In response to the prolonged bear market, Siegal commented:
“This Crypto Winter is the death of an era. For about 18 months between January 2017 and August 2018, open-source projects–smart people with no other fundraising opportunities—could build infrastructure for a new century of progress, and now that window is closed, probably forever.
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