This past week or two got a lot of people excited. Bitcoin broke through $5K and seemed to be headed to $6K. The usual bulls were out stomping on the grave of the crypto bears. But then the New York Attorney General filed a complaint against Bitfinex, one of the largest crypto trading platforms. It had to do with a stable coin called Tether and how Bitfinex dipped into its funds to cover other shortfalls. This is an old story that the AG has finally moved on so it should not have been a surprise. That said, any news in the digital currency world seems to create a PTSD like response and because of that, bitcoin fell to near 5K as of this writing on April 26th.
Is this the end of the bear market? I certainly don't know but my hunch is that we have a bit of sideways activity to come before any clear resolution. Some technical traders believe the bottom is in and even the most notable bears are conceding their call for bitcoin hitting sub 2K before a bull run might not come to pass.
In the meantime, the only thing to do is to watch, wait, and learn so that's what we are going to do. This week on Consensus Network, we discuss how regulations and laws are affecting the crypto landscape for better and for worse.
Since the JOBS Act of 2012, Mark has spent all of his time in the Crowdfunding space and today he is one of the leading Crowdfunding and Fintech lawyers in the United States. He writes a widely-read blog, www.CrowdfundAttny.com, with a wealth of legal and practical information for portals and issuers. He also speaks at Crowdfunding events across the country, and represents industry participants across the country and around the world.
Shownotes:
Mark's background
The "Wild West" of crypto ICOs
What happens to tokens that violated the SEC rules?
What needs to happen for exchanges to become more compliant in the eyes of American securities law?
The possibility of a crypto ETF
Utility tokens vs. Security tokens
crowdfundattny.com