ASIC chairman Joe Long said that the rise of cryptocurrencies is “nothing extraordinary and it is impossible to ignore”, noting that the demand for this market is not unexpected.
Long expressed his admiration for DAOs, decentralized autonomous organizations. But decentralization will cause some difficulties. “It is not clear who is responsible if things go wrong or do not go as intended or expected. Nor is it clear how a DAO itself can be held liable in a court of law.” expressed in his words.
While drawing attention to the increasing demand for cryptocurrencies, Longo also stated that investors should be aware of the risks before taking them.