Crypto Corner: Making Crypto Safe For Main Street

Is the crypto space talking out of both sides of its mouth? Yeah, it is… and we’re watching to see how it goes, and patiently waiting for the time to come when the promise of the peer-to-peer electronic cash system of the future can bring that future to us all equally, and safely… we’ve taken a bird’s eye view to see when the crypto space will be safe enough for the average investor, and we have the tea.

Why do we say the community is talking out of both sides of its mouth? It’s because the utopian promise of cryptocurrencies is financial inclusion… and while the community hollers about inclusion, the current crypto environment is anything but friendly, and it’s running people off. Average investors are at risk of souring on the space (or never even becoming involved) due to rampant fraud, scaremongering, and a general lack of inclusive practices… we might even assert that some in the space right now are downright predatory.

To put it plainly, large chunks of the human population can benefit from cryptocurrencies… and all different kinds of people, from all stations in life want to get involved in crypto. But… they aren’t, because right now, the space simply isn’t held together with clearly defined rules or uniform, enforceable policies. Right this minute, the space lacks the kinds of safeguards that currency must be governed by in order to work properly.

Money without rules is not money, it’s playtime… except, instead of Monopoly money, we have very sophisticated digital ledgers and these somewhat abstract figures representing currency. If the space isn’t safe for investors, then it isn’t real money. So, what we want to know is… when will cryptocurrency be safe for the average investor, and which bodies will be in charge of making that happen?

Who Benefits?

For just a moment, let’s clear away the cobwebs of cartoon NFTs and meme coins. Yes, cryptocurrencies are young, but we’re talking about actual investment potentials that could change lives and build generational wealth. If cryptocurrency really wants to live up to its potential, the space is going to have to leave behind the childish adolescence of its youth, buck up, and learn to live with boundaries, like the grown currency it would like to be.

Who stands to benefit from protections in the crypto space? The average person… the senior citizen, the serviceman stationed overseas needing to send money to his family, disabled vets who find using digital money easier than trying to get to the bank, marginalized communities iced out of financial markets by structural forces. Safe, structured access to cryptocurrencies for these people would be actual inclusion… not just empty articles full of buzzwords and celebrities.

Finally, we may be getting some actual, concrete rules beginning to take shape that can signal to the average investor, “Hey, this isn’t play money anymore. It’s safe, you can pull some of that portfolio over here… there’s wealth to be built.” We’ve previously discussed the SEC and some of the protections that could possibly be coming down the pike, but there’s a new name to know… and it’s important because this agency could end up having a majority of the say when it comes to making, and keeping, cryptocurrency safe for the general public.

So… let us introduce you to the CFTC, short for the Commodities Futures Trading Commission… and if current legislation passes, it’s the agency that could be tasked with implementing and enforcing safety rules within the crypto space… and the CFTC seems to be in agreeance with our stance on the right of the public to safe cryptocurrency access. The CFTC is gearing up to put protections into place, and they are projecting a surge in adoption once this occurs.

Leading The Way

As far as they are concerned, America is a leader, and we’re going to lead here too… when speaking about plans for protections in the space, the CFTC Commissioner Kristin Johnson has stated that a “whole government approach across federal and state regulators” will be the employed to keep our seat at the table as a monetary superpower secured. The agency is now readily acknowledging the necessity of protections within the crypto space to ensure the stability of financial markets, calling proposed regulations “critical to the stability of the global financial system.”

This is big news, and it really matters. This is people’s money and their livelihoods. We could be getting close to seeing a day when it’s safe to invest in crypto and use it in your everyday life. Maybe today is the day we can start feeling safe with cryptocurrencies… when we can invest and sleep soundly knowing that we won’t lose our entire life’s savings on some fake crypto Ponzi Scheme held up by cute advertising campaigns.

Let’s stop here for now… there’s a slew of incoming information about proposed crypto protections coming down the pike, with the SEC’s Gary Gensler testifying this week before the Senate Committee on Banking regarding the future of regulation. We’re researching, compiling, and distilling the information you’ll need to know to move forward from here. So, stay tuned, we could be turning an exciting corner… it could be that soon, the crypto space will be safe for the average investor, and we can’t wait!