Nicole Sandler, Barclays’ head of digital policy, recently stated that regulators were late to the crypto industry because they thought Bitcoin will eventually die off. These statements come after the recent “purge” led by the SEC against crypto companies and individuals. Understanding how regulations and the law work in the United States, this was going to happen sooner or later. During the panel at the Citi Digital Money Symposium in London, Sandler claimed that policymakers chose to not interfere with crypto until now. Today, we see that Bitcoin is still here, stronger than ever.
The current regulatory action is not focused solely on the United States. In recent months, there has been increased action taken against cryptocurrency companies worldwide. Sandler, along with most policymakers back then, was certain that Bitcoin would essentially die. However, she now thinks otherwise, as Bitcoin is surviving the current economic situation better than most stocks and investments. Among other statements, she said Bitcoin “hasn’t died, it’s grown, it’s grown, it’s grown.”
Nicole Sandler, Bitcoin, And The European Legal Framework
Nicole Sandler has been in the regulatory sector of Bitcoin and crypto since 2016. Back then, Sandler discussed a legal framework based on digital assets, as Bitcoin is considered, with the European Commission. Back then, cryptocurrencies and Bitcoin were taking their first steps in the global spectrum. However, Sandler argues that that is not the reason why regulators decided to stay away from this industry.
“It wasn’t that it was nascent and they couldn’t regulate it, it was a choice to see where the market went, and now they know that they have to regulate it. But the problem is regulation takes a long time from start to finish.”
Nicole Sandler, Barclay’s Head Of Digital Policy
There have been numerous major scams in the crypto industry throughout 2021 and 2022. Of course, the SEC and other regulatory bodies in other countries are taking action to prevent such things from happening during the next bull run. When we look at everything that is going on from the perspective of the authorities, it all makes sense. More regulation could mean more safety and a more protected investor, to say the least.
“People don’t like Gary Gensler, who’s the chair of the SEC, in the crypto space, but if people think back to about ten years ago, in the aftermath of the financial crisis, when the same man was the chair of the CFTC, the vast majority of the derivatives sector hated him.”
Ijeoma Okoli, Director of the Digital Economy Initiative