The blockchain/crypto week in quotes

“We have been expecting this for quite some time, and we welcome the opportunity to fight for the future of crypto in the United States. We hope this case will make it clear that the securities laws should not be applied to a currency used by millions of people in dozens of apps.” Kik’s CEO, Ted Livingston addresses the US SEC’s filing of an enforcement action against Kik for the 2017 distribution of its KIN token

“It’s important for the industry that regulators’ interpretations of the law are being challenged. The SEC’s test for whether an offering is a ‘security’ is outdated and didn’t contemplate digital assets. This challenge is clearly needed.” Daniel Fuke, Partner in the Securities and Mergers & Acquisitions practice groups of Fasken 

“I wouldn’t short or long Bitcoin, as I don’t understand why it’s a store of value. I don’t think I’m a neanderthal, which is what I’ve been called when I’ve said I didn’t want to own Bitcoin.” American billionaire Stanley Druckenmiller

“World Environment Day provides us with an opportunity to highlight the urgent need to build a sustainable and environmentally friendly blockchain ecosystem. Today’s investors increasingly look to environmental, social, and governance (ESG) factors when looking to make sustainable investment decisions — a trend that has grown annually by 107.4% since 2012. 

At present, certain aspects of the blockchain industry can have a negative impact on the environment due to high levels of energy consumption. Blockchain projects which prioritise sustainability, in tandem with innovation, will lead in the formation of this industry. The distributed ledger technology (DLT) space is still in its infancy, which means the collective DLT community has the power to ensure the continued evolution of this game-changing technology takes place in a sustainable manner.” Stefan Deiss, CEO, Blockchain Propulsion

“With this highly volatile and thin market, it doesn’t take much to push the price up or down by a thousand dollars. Overall, I am sceptical of this latest rally as technically, we are actually still in a bear market unless we see prices soar well above $11,000. My trading instinct tells me to short Bitcoin if it rises above $10,000, rather than going all in on the long side. Retail interest remains subdued compared to late-2017, but optimism is growing. This in itself, however, says little about longer term direction as retail investors are mostly wrong.” Lars Seier Christensen, Chairman, Concordium 

“I believe that this is a temporary blip. Although the retail market is still buying into the crypto sphere, many have been recently burned by the ICO bubble popping. The stories of people buying in at $19K, then seeing the market collapse, is proof that the retail market is still trying to recover from these horror stories. However, the build in value in Bitcoin has been more organic – enabling stronger support along the way as well as we are seeing now, resistances in the market price.

Over the last year, major institutions have been gearing up to enter the space – a sign that they are now taking their stake in Bitcoin both strategically and discreetly. This will be an interesting year, especially toward the end of the year with the race to the big reveal taking place between traditional and big players.” Miles Parry, Co-founder and CEO, Vo1t