Allan Goodman and Michael Partridge quoted in "Millions in cryptocurrencies vanish, while regulators meddle with mortgages", Financial Post
|Lawyer||Allan Goodman, Michael Partridge|
Excerpt from "Millions in cryptocurrencies vanish, while regulators meddle with mortgages", by Terence Corcoran, Financial Times:
Allan Goodman, a partner with Goodmans in Toronto and co-author with Michael Partridge of the Cryptocurrency in Canada newsletter, wonders why it’s taken the Ontario Securities Commission and the CSA such a long time. “They spent over a year looking at a lot of these situations and there has been no pronouncements yet,” Goodman says. “I would have thought by now we would have seen something.”
Part of the problem is that the cryptocurrency markets operate in direct opposition to the very foundations of any regulatory structure. One glaring illustration of the clash is the securities industry’s “know your client” rule, which is hard to enforce in a crypto market that thrives on nobody knowing who anybody is. In fact, not knowing your client is one of the main purposes of digital currencies. “The technology,” notes Goodman, “has made it all quite complex.” Apparently too complex for securities regulators to come to grips with.
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