SEC Lacks Fundamental Understanding of Core Nature of Crypto

May 18 Ethernet Square William Mougayar Foundation consultant in an interview with CNBC, said the lack of a basic understanding of encryption monetary regulators.

William Mougayar believes that in the aspect of cryptocurrency regulation, the US Securities and Exchange Commission (SEC) is trying to adopt a general-purpose regulatory scheme because it lacks a true understanding of the core of the industry:

The SEC is not only trying to improve its knowledge of cryptocurrencies but is also teaching the public. But now, they want to treat the cryptocurrency as securities and regulate it in the same way.

Their approach is similar to putting a square pin into a circular hole. In reality, not everything is securities.

About Twitter CEO Jack Dorsey recently claimed Bitcoin will be the currency of the Internet. For this, William Mougayar said that he thinks Bitcoin is one of the original currencies, but it will not be the only one, there will be other currencies.

William Mougayar stated that Ethereum will definitely exceed Bitcoin in the future because it has the largest venture capital, developer, and start-up ecosystems, as well as various support associated with it. He said:

It's not just the technology itself that matters. Users are more important.

William Mougayar further explained that at present, cryptocurrencies are underestimated in their ability to be used in actual use cases. He pointed out that 53% of Ethereum trades are based on smart contracts, which shows that it is not only a currency but also a utility.

 Original: https: //cointelegraph.com/news/ethereum-foundation-advisor-sec-lacks-fundamental-understanding-of-core-nature-of-crypto