˝The disaster scenario
What if bitcoin went to zero?˝ (2021. 8. 5.)
https://www.economist.com/finance-and-economics/2021/08/02/what-if-bitcoin-went-to-zero
There are three types of crypto investors, says Mohamed El-Erian of Allianz, an insurer and asset manager: “fundamentalists”, who believe bitcoin will replace government-issued currencies one day; “tacticians”, who reckon its value will rise as more people invest in it; and “speculators”, who want to gamble. Though a crash would come as a monumental upset to the first group, it is least likely to sell out; the third, meanwhile, will flee at the first sign of trouble. To avoid a terminal stampede, the second group must be persuaded to stay. It is unlikely to do so if the price falls to zero.
덧붙여,
˝Here comes the sheriff
The SEC sets its sights on the crypto ‘Wild West‘˝
https://www.economist.com/finance-and-economics/2021/08/07/the-sec-sets-its-sights-on-the-crypto-wild-west
미국의 신임 증권거래위원장 Gary Gensler의 암호화폐 규율 방향에 관한 기사
That calls for greater investor protections, which fall into three broad buckets.
The first relates to what the sec already does. The regulator claims jurisdiction over the crypto assets that it defines as securities; issuers of these must provide disclosures and abide by other rules. The sec‘s definition uses a number of criteria, including the “Howey Test”, which asks whether investors have a stake in a common enterprise and are led to expect profits from the efforts of a third party. Bitcoin and ether, the two biggest cryptocurrencies, do not meet this criterion (they are commodities, under American law). But Mr Gensler thinks that, among the 1,600 tokens with at least $1m in market capitalisation, a fair few probably count as securities—and do not follow the rules. These, he said, may include stablecoins, virtual monies pegged to conventional money, some of which may represent a stake in a crypto platform. Mr Gensler asked Congress for more staff to police them.
The second bucket covers work in progress: areas where Mr Gensler’s team is considering how to treat new products being brought to market. (...)
The last bucket comprises new powers that the sec will seek from Congress so as to prevent transactions and products “falling between regulatory cracks”. (...)
