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Bitcoin regulation should be under security asset class: Chamath Palihapitiya

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Billionaire Chamath Palihapitiya suggested that Bitcoin should be regulated under the securities asset class. 

Chamath Palihapitiya is a Canadian and American venture capitalist, engineer,  founder, and CEO of Social Capital. Chamath was born in Sri Lanka in 1976. From 2007 to 2011, Chamath worked as a senior executive of giant social media platform Meta (formerly Facebook). He is also a co-host of the technology podcast “All In”. 

In the latest interview on All-In Podcast, Chamath said that government agencies and regulatory bodies should consider the top market cap crypto asset as a security, even if it doesn’t possess a Security nature significantly.

Chamath said:

“I tend to think at this point Bitcoin probably has to be regulated like a security even if it is not and it’s more of a commodity only because of the volume and sheer size of both the market…”

Chamath explained that If we are a market participant & trying to trade very sophisticated derivatives of any kind then we have to go and we create these things called ISDAs (International Swaps and Derivatives Associations). 

Indeed ISDAs are a kind of account, which allows traders to trade and take risks in some of these very esoteric markets. At the same time, the underlying principle around that is a common set of parameters monitors the degree of risk associated with it. However, no one such thing exists in the Bitcoin trade but we have to think about what folks have to solve for now.

Billionaire also raised questions against the high Yield  Defi protocols, which provide a high reward for the investors. Chamath said that such things really sound good but still these things are questionable. 

“Defi protocol will yield you 24%… never made sense really but then none of us questioned it.”

Bitcoin price 

At the time of writing this article, the price of Bitcoin is $19,289, which is only 0.8% higher over the last 24 hours. 

Bitcoin regulation should be under security asset class: Chamath Palihapitiya 4

Read also: Be aware of FUDs, says KuCoin executive

Bitcoin regulation should be under security asset class: Chamath Palihapitiya

 

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