Crypto Regulation Debate

While I could say banks are equally guilty of doing shady stuff, the truth is banking is hundreds of years old and as such, has regulations and insurance behind it. Not regulating is how we get messes like the Housing Bubble in the 2000s in the US culminating in the crash in 2011. Crypto being a completely new space has no regulation and no checks and balances which leads to messes like this with companies playing around with their assets and unable to repay their customers when they collapse. I

What is the crime here? Crypto trading is done by willing individuals, no one is forcing you to participate in this market.Moreover, “regulation” is not a synonym of “good and righteous”, especially in the US, where things are quite shady when you look from the outside. FTX was the dear of the regulators, and ended us as a massive scam. The recurrent crises in the banking sector show that regulation is, frankly, quite useless.Furthermore, the US has a long history of using “regulation” as

"crypto can't be [effectively] regulated" is more observable fact than ideology.

You're missing the point. As these things are regulated, the holes get plugged by the authority regulating them. This is not so much the case in the crypto space. They see regulation as an ineffeciency, that needs to be disruptedMeanwhile they're discovering that these regulations were actually safeguards, and they're not solving any problem. They're just reinventing the wheels of the finance sector.

Crypto is just a fancy distributed linked list and people get tied up over it for no reason (gross oversimplification, I know).The issue is the lack of regulation in the intersection of fiat/traditional finance.EVERY time there's been a gap like this, it's it's exploited.

You can look at see what a unregulated us banking system looks like, it's alive and well right now. Crypto is a hot mess of scams and fraud. It wasn't far in the past that rivers caught on fire, either. Regulation isn't perfect but neither is megacorps having free reign to conduct psychological tests on the public at large to see how much stupid shit they can manipulate them into thinking as their whole business model.

Very well said. Reminds me of the old adage about /r/crypto “a place where people who don’t believe in financial regulations learn why financial regulations exist”

Cryptocurrency's lack of regulation is not a feature.

So it is regulatory arbitrage. I think many of the critics never contested that crypto is good for doing crime. The critics just also think that either those crimes should continue to be prevented via the financial system or the financial system should be deregulated for all without a crypto backdoor.A Money Market Fund gives you interest if you are able to access it.This is kind of a pattern:1. There is some regulation that is inefficient ( e.g. taxi medallions, KYC, copyright protecti

It's not a flaw in cryptocurrency, it's cryptofanatics discovering that we have banking regulations for a reason.