Regulators need crypto education, Grayscale CEO says
While global regulators have recently become very vocal on Bitcoin’s use as a tool for illicit financing, Grayscale’s newly-appointed CEO Michael Sonnenshein believes that education is the missing link.
While speaking to Bloomberg on Monday, Sonnenshein said that individuals who understand how digital assets work know that bitcoin is “probably the worst mechanism” for illegal financial activities. According to the CEO, every transaction leaves a trace that could be collected, analyzed, and tracked by law enforcement agencies.
As reported by BTC PEERS, contrary to what most regulators think, the percentage of fiat currencies used for illicit transactions dwarf its crypto counterpart.
Sonnenshein opines that if regulators do not understand cryptocurrencies and their underlying technology, blockchain, they will constantly implement rules that will stiffen the growth of the sector.
He said this following a $1 million donation to CoinCenter on Monday. The not-for-profit firm focuses on “policy issues facing cryptocurrencies”. Commenting on the firm’s mission, Sonnenshein said:
[CoinCenter’s mission is to] ensure that policymakers, regulators, whoever it may be, when there is legislation passing through in front of their desks that they’re not just going to bulk it because they’re not aware of it or up to speed on it but rather can really take an informed view on it.
