On 13 August 2021, the members of the panel at the Wall Street SALT conference urged the crypto executives to cooperate with the regulators. The SALT conference is one of the most famous hedge fund industry events in the world, which is organized in the city of New York.
To ensure the growth of the cryptocurrency industry, the panel said that it is essential that the CEOs and executives should start working with the regulators. Canadian businessman, Kevin O’Leary, who was a part of the panel, said that there was a lack of compliance on the part of crypto companies. This was proving to be a roadblock for the development for crypto industry as it kept the investors away. Kevin O leary, who is passionate about investment and start-ups, recently invested in a cryptocurrency aggregating platform called WonderFi.
Jeremy Allaire, who is the CEO of the blockchain-based Circle payment platform, also said that all new crypto products should also comply with the regulations. Having a proper framework would not only reduce risks for the investors but also encourage a wider adoption of cryptocurrency. One of the biggest hurdles to the development of the digital asset market is the regulatory concerns. Lawmakers have been trying to exercise more control on cryptocurrency trading, however, this move has not been welcomed by the industry.
In August 2021, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, also sought more authority from the Congress to improve the policing of crypto trading. He highlighted the fact that the crypto industry presents many risks to investors and opened doors to fraudulent activities.