The CEO of BitMEX, Arthur Hayes, is in the latest cryptocurrency news. After revealing a research done by his company which listed 12 ICOs that raised more than $50 million, Hayes said that the next year will be “reckoning” for (the regulation of) initial coin offerings.
The tokens listed on BitMEX included:
- Orchid Protocol
- Oasis Labs
As Hayes added in the official newsletter:
“These deals have massive valuations, and many of the most venerated token funds took down large chunks. It is unclear when, if ever, these deals will ever list on the secondary market.”
He also humorously commented the ICOs and their sobering outlook, in which he declared that he has heard some “anecdotal reports” that funds which purchased large blocks of these tokens are actually looking to sell them – before market listings – and that they are looking to do so on a discount basis.
Hayes also seems like a big believer in ICOs – but thinks that most or all of these tokens will have no actual value in the future. The recent reckoning brought on by the federal government enforcement actions is playing hell with the innovative ICO space. As he said:
“Given the large amount of token supply out there, who will buy this sh*t?”
A deeper analysis of ICOs by BitMEX also found that the majority of them had sold the Ether that they raised – which only a total of 25% actually held.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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