Bitcoin’s shift towards respectability should concern us all by STEPHEN DIEHL
https://www.ft.com/content/8ab293b4-ee98-4d2a-8aa9-140a6a597f42
STEPHEN DIEHL notes:
The financial industry’s embrace of crypto is less a validation of its alleged revolutionary potential and more an attempt to extract fees from what is, essentially, gambling. It has effectively neutered crypto’s radical promise of disintermediation.
Regulators have not put in the necessary controls needed to address underlying disclosure, manipulation and systemic risks. Now we are in a precarious situation where oversight is fragmented, inconsistent and incoherent — with different agencies working at cross purposes and no clear principles guiding policy.
https://www.ft.com/content/8ab293b4-ee98-4d2a-8aa9-140a6a597f42
STEPHEN DIEHL notes:
The financial industry’s embrace of crypto is less a validation of its alleged revolutionary potential and more an attempt to extract fees from what is, essentially, gambling. It has effectively neutered crypto’s radical promise of disintermediation.
Regulators have not put in the necessary controls needed to address underlying disclosure, manipulation and systemic risks. Now we are in a precarious situation where oversight is fragmented, inconsistent and incoherent — with different agencies working at cross purposes and no clear principles guiding policy.