Celcius CEO not worried about Bitcoin, Ethereum being deemed securities

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Despite reg­u­la­to­ry uncer­tain­ty, it is no news that cryp­to inter­est has grown man­i­fold this year. In a recent inter­view with Coin Sto­ries, Cel­sius CEO Alex Mashin­sky dis­cussed Bit­coin and the reg­u­la­to­ry atti­tude towards the sec­tor. Mashin­sky, who is a self-pro­claimed Bit­coin max­i­mal­ist, stat­ed,

“We just crossed $3 tril­lion worth of mar­ket cap­i­tal­iza­tion for cryp­tocur­ren­cies, half of that is main­tained by Bit­coin. So obvi­ous­ly Bit­coin is doing some­thing right.”

How­ev­er, in the con­text of the alt-verse, he not­ed that the sec­tor needs to win all oth­er use cas­es. And, “Bit­coin may not do so well,” when it comes to oth­er use cas­es apart from yield and form of pay­ment. There­fore, he believes,

“[No] con­flict in being both Bit­coin max­i­mal­ist and still cheer­ing for a few oth­er projects. Not for 12,000. I agree that most of these projects are going to fail.”

While Mashin­sky is cheer­ing for more than one cryp­to project, Berk­shire Hath­away Inc.’s Char­lie Munger took a con­tra­dic­to­ry posi­tion in a recent con­fer­ence. He said,

“I wish they’d [cryp­tos] nev­er been invented.”

Tug of War

Looks like cryp­to has to deal with both pro­po­nents and oppo­nents through its adop­tion years. How­ev­er, when it comes to adop­tion, Mashin­sky opined that most peo­ple don’t know how to deal with very volatile assets like Bit­coin, adding,

“And they can’t find the right entry point…”

Recent­ly, Bit­coin hold­ers sold over 10,000 BTC tokens worth $575 mil­lion in just one day. The mas­sive volatil­i­ty was led by FUD in the sec­tor and con­cerns around the Omni­cron vari­ant. With that, now SEC chair Gary Gensler has also some­what hint­ed at more upcom­ing clam­p­down in the sec­tor in a recent note.

He said, “many tokens may be unreg­is­tered secu­ri­ties, with­out required dis­clo­sures or mar­ket over­sight.” Apart from that, he cau­tioned the indus­try that,

“If a lend­ing plat­form is offer­ing secu­ri­ties, it also falls into SEC jurisdiction.”

Hav­ing said that, Mashin­sky was quick to assure the investors that the reg­u­la­tors have already stat­ed that Bit­coin and Ethereum are suf­fi­cient­ly decen­tral­ized. Which, in turn, also keeps them far from the pos­si­ble dis­cus­sion of being “secu­ri­ties.” How­ev­er, he added,

“So there is still a ques­tion mark about oth­er assets. But def­i­nite­ly for Bit­coin and Ethereum, I think we’re all safe.”

Adding that even sta­ble­coins are quite safe for peo­ple want­i­ng to be cau­tious in the sec­tor. Stat­ing that reg­u­la­tors are here to pro­tect investors and not con­fis­cate their assets.

Mean­while, Novem­ber hasn’t been the ide­al month for Bit­coin hold­ers owing to the huge cor­rec­tions it expe­ri­enced. How­ev­er, ana­lysts are still have hope­ful year-end price predictions.

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