Cryptocurrency, which recently has been in the spotlight due to SEC regulations, could be the spark that catalyzes the whole industry's development. While some speculate that such a movement from the SEC might even lead to blockchain technology going out of reach, Bloomberg Opinion's editorial board views it as an opportunity to the benefits of the technology.

The potential of the blockchain technology goes far beyond just banking, money, or financial transactions. In addition to streamline currencies and financial transactions, blockchain networks could also provide a higher level of transparency and security, that would be harder to achieve through traditional banking systems.

Given these observations, the publication advices the Security and Exchange Commission to draw a line between securities and derivatives, while at the same time providing venues where such instruments as Bitcoin and Ether could be legally traded. A framework that would grant the SEC and the Commodity Futures Trading Commission powers to differentiate bad actors from genuine innovators could further increase the benefits from the blockchain technology.

Yet, the development of the cryptocurrency industry requires a change in the mindset of both authorities and industry influencers. If the industry stick to its true believings, with some proper regulations, the potential of creating revolutionary products and services would have an unprecedented opportunity. It is time to get rid of scamminess, and let the true technology enthusiasts to make something out of it.



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