Official announcement here: CFTC Issues First Pump-and-Dump Virtual Currency Customer Protection Advisory
@Chainomatic This is relatively good news because it means the CFTC is taking a more assertive role than the SEC. In my experience, the CFTC is easier to deal with and much less bureaucratic. And they explicitly recognized cryptos as a legitimate asset class, which means the USG is not likely to try to ban them any time soon.
A thin layer of CFTC regulation is good for this industry because it will clear out most of the garbage. It’s going to be fun to watch the scam coins fall into a torrent of regulatory torture and litigation.
The market manipulation ability in crypto needs to be corrected before the masses will embrace this currency as the future. I think it is a double edge sword with the regulation as, I do believe in the decentralized initial Satoshi concept.
Isn’t it great to be alive, we get to witness all of this firsthand.
I think the history books will show that the current day crypto enthusiasts, will be regarded as a underestimated subculture that changed the future of exchange. Fiat currency will go the way of the paper check.
You might want to print this page out, for posterity.
To the underestimated subculture, let the Ada future begin.
I have been thinking that this crypto needs to be used as currency to get the masses to adopt it as such, otherwise this whole ADA project will be a speculative store of wealth while the contracts on it’s platform end up being the only currency for the masses that Cardano will see, its time to take our spending money and buy ADA and then go spend the ADA.