Regulation was also the subject of an interview with the President of the Bitcoin Association, Jimmy Nguyen last week, in the light of recent decisions by a few exchanges to delist Bitcoin SV (BSV).
“The big lesson we’ve learnt [from the delisting episode] is how the cryptocurrency world as a whole needs to grow up and professionalise,” said Jimmy.
The delisting decisions of Binance and Kraken “had nothing to do with technical issues with BSV or its network” Jimmy said. “It all had to do with dislike of Craig Wright, a key backer of BSV, and his choice to invoke legal remedies to pursue libel claims against certain people who he believes have been defaming him online.”
The delistings raise wider, long-term issues, Jimmy believes: we don’t want a world in which “the CEOs of a couple of powerful exchanges …could negatively impact the worldwide market for an asset on their exchange and others just because they don’t like one person.”
It’s a “perfect example of why we need more regulatory oversight”. Jimmy acknowledges that the exchanges are private businesses and so, in some sense, can do as they choose. But he says their freedom is limited by the fact that “they create and influence the public markets for investment …The cryptocurrency world wants these assets to be treated seriously, as alternatives to money for example, and if that’s what we want, then exchanges …need to be held to reasonable standards.”
Jimmy criticised as “absolutely ridiculous” the use of Twitter polls as a factor in delisting decisions.