ShapeShift CEO Says Blockchain Tech Is Taking Over the World

Erik Voorhees, CEO of ShapeShift, discusses the evolution of the cryptocurrency landscape, emphasizing the need for competition in financial systems. He critiques current regulations, particularly in New York, for stifling innovation. ShapeShift offers a unique approach to crypto trading by not holding customer funds, reducing risk. The company chose traditional funding over ICOs for expertise and regulatory clarity. The SEC's unclear stance on tokens poses challenges for the industry.

What is Erik Voorhees' stance on financial regulations?

• He believes they are necessary for market stability.

• He finds them beneficial for innovation.

• He thinks most are unnecessary and harmful.

• He supports them for controlling adult behavior.

How does Voorhees view the role of cryptocurrencies in the financial system?

• As a means to introduce competition.

• As a tool for government control.

• As a replacement for all fiat currencies.

• As a temporary trend.

What is the main reason regulators are interested in the crypto space, according to Voorhees?

• To support new projects.

• To control adult behavior.

• To prevent fraud and theft.

• To promote innovation.

What impact did the Bitlicense have on crypto innovation in New York?

• It boosted innovation significantly.

• It encouraged more companies to start in New York.

• It had no noticeable impact.

• It stifled innovation and led companies to leave.

How does ShapeShift differ from traditional exchanges?

• It only trades Bitcoin.

• It requires lengthy registration processes.

• It operates as a market maker without holding funds.

• It holds customer funds securely.

Why did ShapeShift choose to raise funds through equity rather than an ICO?

• To follow a popular trend.

• To avoid regulatory issues in the US.

• To quickly raise a large amount of money.

• To gain institutional expertise and a formal board.

What challenge does the SEC pose for ICOs in the US?

• It encourages all tokens to be securities.

• It supports ICOs without restrictions.

• It provides clear guidelines for all tokens.

• It has not clarified which tokens are securities.