eToro on #CryptoCongress: Laws Will Have Global Impact, Regs Need toHear Global Perspectives

eToro on #CryptoCongress: Laws Will Have Global Impact, Regs Need toHear Global Perspectives

July 19, 2018 0 By Ray

Given today’s two Congressional hearings on cryptocurrencies, I wanted to share reactions   from Guy Hirsch, US Managing Director of eToro, the world’s largest social trading platform. eToro recently announced it will expand into the US with a crypto trading platform, and Guy is leading the expansion strategy. Please see below for a few of Guy’s comments on today’s hearings and feel free to pull directly from directly from Guy’s quotes.

  • “Today’s hearings are a great step in the right direction. We encourage regulators to hear more from good actors and companies with an international presence since they would be valuable to this discussion in Congress. Cryptocurrencies are by design global assets and companies with global perspective are uniquely positioned to help regulators better understand the diverse regulatory approaches and best practices. Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter.”
  • “Digital assets present unique challenges for regulators because they have properties that don’t apply to our current understanding of securities or commodities. While it makes sense to classify some tokens as securities, others are more accurately classified as currency or commodities, or perhaps a new asset class altogether. Our industry should provide education and support for regulators to define a framework that will lead to logical and growth-oriented classification of each crypto.”

About Guy Hirsch

Guy Hirsch is the USA Managing Director of eToro, the world’s largest social investment network. Guy leads eToro’s expansion into the United States with a focus on U.S. cryptocurrency and blockchain strategy.

Prior to joining eToro, Guy served as Director of Innovation Strategy at Samsung SDS, the enterprise IT solution subsidiary of Samsung group, where he oversaw architecting, development, piloting and learning of experimental AI and IoT solutions and evangelized digital transformation projects at the C-Suite level. Guy also previously led Samsung Electronics America’s retail innovation team, where he spearheaded Samsung’s efforts as the leader in consumer electronics retailing. Guy has an LL.B and a BA in Business from the IDC Herzliya in Israel.

About eToro

eToro empowers people to invest on their own terms. The platform enables people to invest in the assets they want, from cryptocurrencies to commodities. eToro is a global community of more than ten million people who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want.

eToro is regulated in Europe by Cyprus Securities and Exchange Commission and regulated in the UK by the Financial Conduct Authority.

For more information, visit etoro.com.