Ran Neu-Ner says Set Regulations for Initial Coin Offerings or the US May Fall Behind
Crypto trader Ran Neu-Ner said to CNBC on Thursday at ‘Fast Money’ that the U.S. Securities and Exchange Commission should set ICO (initial coin offerings) regulations. Otherwise, the whole country might fall behind investing in ICOs.
“My fear is that the U.S.A. may actually be falling behind.”
Neu-Ner is the host of CNBC Africa’s “Crypto Trader” and the founder of OnChain Capital. He has already said ICOs, a crowdfunding way for raising funds for cryptocurrency ventures, are growing while he travelled widely.
“I know [the SEC is] balancing investor protection with the need to grow an industry.”
But several businesspeople are building companies in countries those provide better tax incentives like Singapore and the European island nation of Malta.
The SEC has already warned about ICOs and considered it as an unregulated way of raising funds. According to SEC, ICOs has helped the Scammers to raise $600 million fraudulently. Recently, the board launched a website to teach investors what a fake ICO looks like.
“The SEC did adopt a responsible approach by taking their time to see what’s happening with the industry. But now we know crypto is real. We know this thing, which blockchain and crypto, isn’t going away anytime soon. And now they’ve got to come to the party and give us some regulation, so we know where we stand.”