The effect of regulatory authorities on the cryptocurrency market has been a driving force in its mainstream adoption and the United States Securities and Exchange Commission [SEC] has been at the forefront of this process.
The latest news from the SEC was a positive one for the crypto-verse as the body approved a new Silicon Valley stock exchange backed by Marc Andreessen of Andreessen Horowitz and other big players from the world of technology. Zoran Perkov, a main operations executive at the exchange stated that:
“We welcome the approval, which advances our vision of a new way of being public for a generation of companies that aspire to build their businesses and generate value for decades to come.”
The Long-Term Stock Exchange [LTSE], as it is called, aims to create a diverse portfolio that focusses on the sustained building of profits rather than short-term gains. Many proponents in the cryptoverse were also excited about this development as the exchange basically embodies what they have been saying about Bitcoin and other cryptocurrencies.
The involvement of Marc Andreessen was another boost to the world of digital assets as Andreessen Horowitz recently committed to invest almost $1 billion into cryptocurrency and related technology. The company had earlier said:
“The thing that’s deceptive about it is when the new platform at the time is generally worse, in most ways, than the old platform, but has some new capabilities. With crypto, it’s very similar in that it’s worse in most ways than the old computing platform. And that it’s slow. It’s really complex. It’s lacking a lot of features. But it has one feature that has never existed before. And that’s trust.”
The LTSE is slated to start listing stocks and assets later this year after all the legal and regulatory formalities are completed. Another feature that is stipulated to be offered by the LTSE is the removal of the connection between the company’s short-term growth and its executive’s pay rise, another step to shift the focus to long-term gains.
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