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That sounds nice in theory, but of course these companies are free to sit down and hammer out professional standards without the government telling them to. "W

That sounds nice in theory, but of course these companies are free to sit down and hammer out professional standards without the government telling them to. "We really want to be told what to do but nobody will" is code for "I'm not doing anything until the government makes me, and I'll redirect blame to the glacially slow government the whole time."

Auracle 4y ago
That’s easy to say, but that’s going to make those companies uncompetitive. Look at how fast FTX overtook Coinbase, a long established player that - as far as anyone can tell - isn’t doing anything shady.
- clintonb 4y ago
  Your example undercuts your thesis. Given that FTX no longer exists while Coinbase does, FTX was not competitive in the long term. Being “competitive” for a couple years is typically not the goal of founders or investors.
  - The_Colonel 4y ago
    > Being “competitive” for a couple years is typically not the goal of founders or investors. Crypto actually seems like a perfect field to pursue this strategy. Make outrageous promises, find customers willing to believe that ("crypto is different"), cash out.
- aww_dang 4y ago
  There's nothing uncompetitive about not going bankrupt while your competitors do. There's nothing uncompetitive about publishing 3rd party audits. These are the trust signals the market rewards. Meanwhile the market is punishing bad actors with insolvency.
- babypuncher 4y ago
  This worked really well for banks in the early 20th century