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Investor James Galitsis: Why Regulations Are Needed For STOs
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James Galitsis Transcript


 

James Galitsis:

This space is crazy. It's an emotional roller coaster. A day is really like a month. A month is really like a year, if not two years or three years. It's a fascinating space. Lot of innovation coming out. A lot of money's being thrown in and the good projects will last and the bad projects won't. The ICO game is going nuts right now. We have a little bit of a little valley but it's going to pick up in the next [inaudible 00:00:33].

I have an affinity to proof of work. I usually stay with BTC, Zcash, that kind of stuff but I do have some holdings in ICOs. I do think that the returns in the ICOs are where a lot of people are attracted to, but people have to be very careful in terms of the utility of that token because it can be easily replaced by one of the larger coins out in the market right now.

I think security tokens are the way to go. I think security tokens will give a lot of legitimacy to the space that we're lacking at this point in time. It will also allow for larger investors to be safer about their money being thrown in. If you go down a regulatory path, people tend to have a lot more faith in the SEC than distrust, which is very anathema to the crypto. But in all honesty, it's a good thing for the space. It'll bring more legitimacy, more money's going to be thrown in and the entire crypto space is going to thrive as a result.

I think regulation should just begin and end in terms of the security token offering or in ICO. I believe crypto currency is a very, very unique asset that traditional securities or commodities laws don't necessarily apply. But I do believe that any time that you raise outside capital, like an ICO or a security token offering, or a TGE of some sort, I really do believe that you need regulatory bodies to oversee because these are funds that are given by investors and a majority of them they're not big investors they're small investors, and we have to make sure that the money's being utilized in the proper way and that you don't just raise money and then these people walk away. So it's very important that regulatory bodies come in in terms of the STO, the ICO space.