Jean-Pierre Landau: Cryptocurrencies Direct Regulation is Not DesirableJean-Pierre Landau, who is responsible to investigate the French blockchain regulatory policy, said that cryptocurrencies should not be directly regulated.
Although French officials released a report on July 5th with the conclusion that cryptocurrencies should not be regulated, most of the major cryptos are trading lower on Monday.
Jean-Pierre Landau, who is responsible to investigate the French blockchain regulatory policy, said that cryptocurrencies should not be directly regulated and pointed out the potential dangers that can arise if we categorized the cryptocurrencies in the wrong class.
“The danger is three-pronged: that of freezing the rapid evolution of technology in legislation, that of failing to grasp the real nature of the object we intend to regulate and that of pushing innovation towards regulatory avoidance. On the contrary, regulation should be technologically neutral, and in order to become so, address the actors and not the products themselves.”
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On Monday, Bitcoin dropped 0.3%, trading at $6,721 at the time of writing.
Ethereum was also down almost 1.14% to $480, and Ripple dropped 1.08% to $0.47640 on the Poloniex Exchange.
In other news, Binance, one of the biggest Cryptocurrency trading platforms in Hong Kong donates $1 Million to those who suffered from the heavy floods in Japan. That was announced by Binance’s CEO Changpeng Zhao.