I believe centralized firms should be regulated in the old centralized way, with little to no transparency, accountability, etc. That will probably convince them why it's important to be very decentralized. You can't be free from the system if you are centralized.
Well decentralized firms could solve regulation issues (especially when it becomes necessary) by sticking to the Blockchain/Bitcoin principles which include Public Consensus, immutablity, transparency, privacy/anonymity, etc. An external governments that wish to regulate it could simply regulate it along with the public. And I also believe this should be developed in a way that regulators are chosen based on merit and good quality. You can do this without compromising on your system permissionlessness, trustlessness, anonymity/privacy, etc
Topic: Acting CoC Hsu: More crypto regulation is needed (Read 115 times)
the point about scams indeed right , just see what happen right now , many meme coins come from nowhere . for that reason , i am support that regulation, but in case its not make more hard to get in the crpyto space, and of course in every regulator must have the interests of certain parties, well that what i affraid about regulation for.
I'm afraid this should not be about whether more regulations are needed or not. Rather, this should be about which regulatory policies are to be implemented.
Regulations are welcome, yes. The crypto market cannot just be left on its own unregulated. Somehow the wild wild west characteristic of the market will have to be tamed. But which policies? If regulation is basically anti-adoption, then there is really no point talking about it. US regulatory bodies, for example, are actually smothering crypto adoption in the country, thereby depriving both crypto companies and crypto supporters of the opportunity to thrive.
Regulations could be friendly. Regulations could be directed toward mainstream adoption. Regulations don't have to be inimical to emerging financial innovations.
Regulations are welcome, yes. The crypto market cannot just be left on its own unregulated. Somehow the wild wild west characteristic of the market will have to be tamed. But which policies? If regulation is basically anti-adoption, then there is really no point talking about it. US regulatory bodies, for example, are actually smothering crypto adoption in the country, thereby depriving both crypto companies and crypto supporters of the opportunity to thrive.
Regulations could be friendly. Regulations could be directed toward mainstream adoption. Regulations don't have to be inimical to emerging financial innovations.
A proper salesman, who travels door to door selling crypto regulation, should advertise what people might hope to benefit from it.
At the moment, regulation is what prevents americans like myself from having access to crypto ETFs. Regulation prevents access to crypto exchanges like bitmex which offer leveraged trading. If there is anything in the world american investors and traders want to get into and can't. Regulation is usually the reason behind it.
What motive would anyone have to support increased regulation. When the regulation we currently have is so unpopular and unnecessarily restrictive.
At the moment, regulation is what prevents americans like myself from having access to crypto ETFs. Regulation prevents access to crypto exchanges like bitmex which offer leveraged trading. If there is anything in the world american investors and traders want to get into and can't. Regulation is usually the reason behind it.
What motive would anyone have to support increased regulation. When the regulation we currently have is so unpopular and unnecessarily restrictive.
things like this really need to be explored further because there really needs to be something new that must be made either regulation or otherwise because over time crypto will definitely continue to be in high adoption.
but on the other hand the reason they are still afraid about this is because the nature of crypto is very difficult to guess because this crypto is very volatile.
therefore the government is still rethinking about crypto.
but on the other hand the reason they are still afraid about this is because the nature of crypto is very difficult to guess because this crypto is very volatile.
therefore the government is still rethinking about crypto.
The Glass-Steagall federal law was a wrong move by the FDR administration and many economists have pointed out that this law actually slowed down the recovery of the US economy from the Great Depression.
Comparing crypto regulation to the Glass-Steagall federal law is plain stupid.
I'm not convinced that more regulation will reduce the number of scams in the crypto industry.
Having more crypto regulation would only make things harder for all the cryptocurrency related businesses.
We need better regulation,not more regulation.
Comparing crypto regulation to the Glass-Steagall federal law is plain stupid.
I'm not convinced that more regulation will reduce the number of scams in the crypto industry.
Having more crypto regulation would only make things harder for all the cryptocurrency related businesses.
We need better regulation,not more regulation.
Well, it isn't that hard to figure that out imo. A lot of people are pretty scared of crypto due to how the scene is mostly unregulated, and not just people, even countries are afraid of actually trying to adopt it due to the fact that it's still new and its possible future effects still aren't that guaranteed. With regulations in place though, people would probably be a lot more comfortable with it and would probably embrace it more willingly since they can have an easier time understanding it due to the regulations placed.
Until recently, crypto has been the frontier of the regulated economy, the Wild West, the Land Rush of 1889, ... well you get it. A world of opportunity for the hustler, the hacker and the hypster that has to come to an end to create a modern cryptoeconomy. No that different from any of these circumstances in history, perhaps including the "descubrimiento" (meaning the forceful colonisation) of Latin America or the massive genocide of the indian tribes perpetrated by the United States troops in the sense that law and order have to come to consolidate the wealth created and make it... boring.
I wouldn't say he is wrong. Sure we do not like regulations too much, but look at the stablecoin economy. We are talking about something that is greater than 100+ billion dollars total right now and people are acting as if that should be unregulated just like crypto should be. I am all for crypto to be unregulated, or if it is regulated at least a supportive one would be great.
However, stablecoins are things that we paid 100+ billion dollars in cash just to get it. Sure most of us put in cash and bought bitcoin first or whatever and then turned into stablecoins, but that is how they got that money. So right now these companies are holding 100+ billion dollars worth of fiat in their accounts and getting filthy rich from it, just because they provide something that is pegged to dollars. That should be highly regulated if you ask me, we have no idea if they would take it and leave, centralization may kill crypto.
However, stablecoins are things that we paid 100+ billion dollars in cash just to get it. Sure most of us put in cash and bought bitcoin first or whatever and then turned into stablecoins, but that is how they got that money. So right now these companies are holding 100+ billion dollars worth of fiat in their accounts and getting filthy rich from it, just because they provide something that is pegged to dollars. That should be highly regulated if you ask me, we have no idea if they would take it and leave, centralization may kill crypto.
In remarks given at the American Fintech Council’s 2021 Policy Summit, acting Comptroller of the Currency Michael J. Hsu called for greater regulation of universal crypto firms.
"Large, universal crypto firms—especially issuers of highly-circulated stablecoins—should embrace comprehensive, consolidated supervision. At the same time, federal and state bank regulators should prioritize the development of policies, staff and supervisory approaches to bring such firms safely into the bank regulatory perimeter. This would clearly differentiate safe and sound crypto firms from those that are regulated only partially and have a history of control lapses, such as Binance and Tether."
The Office of the Comptroller of the Currency is responsible for the regulatory oversight of federally chartered banks operating within the United States. Hsu further declared:
“The rapid expansion and mixing of wholesale and retail activities at some crypto firms raise the question of whether there ought to be Glass-Steagall-like separation of activities in the crypto space."
Glass-Steagall was a 1933 federal law that walled off investment and commercial banking, and was repealed in 1999. Hsu finally cautioned, “In the cryptocurrency space, the rapid growth in users and total market value has only been matched by the growth in scams and consumer complaints. 'Move fast and break things' is a common mantra in tech. In the financial services context, it is important to remember that those “things” are people and their money.”
In October, OCC nominee Saul Omarova was pressured to turn over her college thesis on Marxism by Senate Republicans. The OCC, in coordination with other regulators, is expected to issue guidance to banks on how to hold cryptocurrency assets soon. Hsu began scrutinizing Tether’s commercial paper reserves in January.
Source: https://cointelegraph.com/news/acting-coc-hsu-more-crypto-regulation-is-needed
"Large, universal crypto firms—especially issuers of highly-circulated stablecoins—should embrace comprehensive, consolidated supervision. At the same time, federal and state bank regulators should prioritize the development of policies, staff and supervisory approaches to bring such firms safely into the bank regulatory perimeter. This would clearly differentiate safe and sound crypto firms from those that are regulated only partially and have a history of control lapses, such as Binance and Tether."
The Office of the Comptroller of the Currency is responsible for the regulatory oversight of federally chartered banks operating within the United States. Hsu further declared:
“The rapid expansion and mixing of wholesale and retail activities at some crypto firms raise the question of whether there ought to be Glass-Steagall-like separation of activities in the crypto space."
Glass-Steagall was a 1933 federal law that walled off investment and commercial banking, and was repealed in 1999. Hsu finally cautioned, “In the cryptocurrency space, the rapid growth in users and total market value has only been matched by the growth in scams and consumer complaints. 'Move fast and break things' is a common mantra in tech. In the financial services context, it is important to remember that those “things” are people and their money.”
In October, OCC nominee Saul Omarova was pressured to turn over her college thesis on Marxism by Senate Republicans. The OCC, in coordination with other regulators, is expected to issue guidance to banks on how to hold cryptocurrency assets soon. Hsu began scrutinizing Tether’s commercial paper reserves in January.
Source: https://cointelegraph.com/news/acting-coc-hsu-more-crypto-regulation-is-needed
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