Up to 90% of cryptocurrency and Blockchain Technology executives would want the industry to self-regulate. This is according to a research publication last week by a globally reputable law firm.
International Law firm Foley & Lardner LLP has been conducting some surveys of the Blockchain industry on a plethora of issues of which regulation is one and this is how it discovered that an overwhelming majority of shot-callers in the space prefer industry self-regulation.
In one of Foley & Lardner’s surveys, it concluded that of all the existing cryptocurrencies, Bitcoin was the market’s preferred currency option for long-term hold for investors.
On the issue of regulation, about seventy (70) Blockchain executives were surveyed and most opted that the industry’s players should develop and enforce these regulations. “We’d rather be leading the path forward than following behind,” an executive is recorded to have said on the subject matter. “There are plenty of ways to work with regulators and legislatures to develop common-sense cryptocurrency laws and regulations,” he added.
Only significantly little number of those interviewed thought that third-party regulators should have an oversight of the industry’s activities. Many respondents also bemoaned the inconsistent and sometimes contradictory proclamations made by a number of jurisdictional authorities about cryptocurrency and ICO subject matters.