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CEOs of cryptocurrency companies should work together with regulators to help the industry develop in the future

A group of top Wall Street figures recently encouraged entrepreneurs to engage with law enforcement agencies rather than resist them.  Strict business restrictions are argued to be toxic to the growth of a company in Kevin O'Leary's opinion.

On "Shark Tank," O'Leary invests in numerous entrepreneurial enterprises. During the SALT hedge fund convention in New York, he was making a speech. Allaire, Jeremy, CEO of Circle, a blockchain-based payment network, believes that one legal framework would reduce risk and enable new developments.

Regulatory issues are one of the main challenges facing the crypto-asset markets. People in the sector, however, have not always responded favorably to efforts to gain more control over international trade. Chairman Gary Gensler is calling on Congress to grant the U.S. Securities and Exchange Commission (SEC) increased regulatory power to make it easier for people to trade, borrow, and launch bitcoin-related platforms.

Before this newest development, Coinbase CEO Brian Armstrong said the SEC filing was "downright embarrassing" and argued that the agency was forcing the business to delay the introduction of a new product, Lend, which it was working on. Since then, the stock price has decreased roughly 10% while bitcoin has fallen 13% because of the challenges related to using digital money in El Salvador.

 

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