Genesis Vision announced this weekend that it will be restricting US users from accessing its asset management platform upon launch on Oct. 30. This preemptive decision protects Genesis Vision from the US SEC and any potential regulations they may put in place. As they say in their blog announcement, “American regulation is a vital issue and needs a careful, professional and proper approach.”
Let’s read between the lines here. What they meant to say was — “We would like American participation, but we don’t want to be 1Broker’ed by the SEC.”
This may come as a surprise, but we Americans understand this decision by Genesis Vision and support it 100%. It’s the smart thing to do. Of course, we want access to the platform, but we also don’t want to torpedo the project before it can really take off. Cooperating with the SEC is in Genesis Vision’s long-term best interests and ours. Since the SEC can’t offer any real guidance at this time, it’s best if Genesis Vision continues implementing their vision without the help of US investors and users. We believe that access to US capital is vital for the platform’s long-term success, but there’s a long way to go still. We’ll be ready for when the SEC gives us all a clear path forward.
Americans have been left out of many ICO’s due to issuers shying away from potentially offending the SEC and handcuffing themselves upon future SEC regulations. Several innovative platforms have restricted US users for the same reasons. We’re used to it by now. We don’t blame the projects. We understand that they need to navigate a minefield of international regulations. And crossing the SEC can be fatal in the international financial scene.
We don’t take issue with Genesis Vision in this regard, but we are losing patience with the SEC.
There is a lot of American innovation in the crypto industry, but there would be more if we had a clear regulatory environment. Meanwhile, significant American capital is waiting on the sidelines while our counterparts throughout the world are participating more fully in this financial and technological revolution.
We know the SEC wants to get it right, and we applaud them for that. But the US is risking losing its leadership position. There’s been plenty of time to understand the tech, formulate a position, and establish a framework. It’s time to share it with us and the rest of the world, so we can all move forward.
So, we say to our friends at Genesis Vision and other innovative blockchain projects throughout the world — do what you need to do. We in the US will wait until our own regulators can get their act together and then we’ll jump into your platform with vigor. Once the SEC reveals its framework, we can all get this technological revolution rolling.