Just hearing the word "regulation" sends shivers down the spine of many crypto enthusiasts. Afterall, cryptocurrency started off as a digital revolution to take down modern financial institutions. A great idea in theory but as we've seen, some criminal minds love to take advantage of this "freedom". Hence, Ripple (XRP) is saying it's time to put our foot down and tighten up the market. Don't worry though. According to them, we will all benefit from it.
We all want to live in a utopia where dishonest people are but a figment of our imagination. But wakeup everyone, that's not reality. Ripple executive Danny Aranda agrees. He says "there are definitely fraudulent campaigns and projects out there that are trying to take advantage of investor interest in this category." Just google BitConnect or PlexCoin and you'll see what Aranda is talking about. It's a shame these people are ruining it for everyone but Ripple says we can get rid of them with a little regulation.
Aranda says we should not think of this as police busting up a party. Instead, it's a new opportunity. The fun is just beginning. Crypto regulation for entrepreneurs "is a very, very good thing. It gives you a clear state of play, let's you know what the rules are." Aranda makes a good point and it vibrates throughout the community who have also suggested similar thoughts.
Take Google for example. Recently, they stated the would ban all ads for cryptocurrencies and other unregulated products starting in June to combat scams. Facebook also made a similar call. To some, it might look like hte beginning of the end for crypto but in the long term, more regulation is beneficial.
People don't like scams. That's just a fact. No one will embrace cryptocurrency if they all think it's a scam. Hence, in order for mainstream acceptance to occur, the population has to trust this investment and the technology behind it. Furthermore, they have to educate themselves on it. They won't take the time to learn about a scam but they'll take the time to learn about a legal investment opportunity. There are already a huge number of legal, innovative blockchain startups out there (e.g. YouToken, Cardstack, The Abyss, etc.) and they won't flourish unless some rules are set in stone. So don't dump your investment because the words "crypto regulation" scare you. Realize it's for the benefit of the community and it will only make the honest, innovative projects shine that much more.