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It's 100% deregulated finance and even if regulators want to regulate it, they basically can't because unlike regulators, crypto is global. All the activities
by cynusx 4y ago
It's 100% deregulated finance and even if regulators want to regulate it, they basically can't because unlike regulators, crypto is global.
All the activities that regulators are designed to prevent are very successful in the crypto world.
I don't think crypto will fail or go bust; but I do think retail investors are completely abandoned by regulators who have a democratic mandate to protect them.
I suppose they don't want to be seen as stifling an innovative technology and politicians don't want to get blowback for efforts that would fail anyway.
Anyway, until we have global governance there will not be global regulation of the space so it will go on for many more decades.
- moron4hire 4y agoThey can regulate where it counts: in the pockets of constituents. The US regulators don't care if UAE companies are running pump-and-dump schemes on Cameroonian citizens (or whatever other random countries you'd like to insert) as long as they keep US companies and US citizens out of it. So crypto being ungovernable doesn't matter. The people who use crypto are governable.
- sho 4y agoYou don't need global regulation, you need regulation in your local market and currency or you can't actually spend any of the theoretical value you may possess. What's the point of being a crypto millionaire in theory if you can't actually cash out? It is already very hard to, eg., secretly cash out BTC to AUD to spend on something you actually want. It will be reported and it will be taxed. It may as well be actual dollars.