Opinion: Crypto Fans May Want to Wait on Their Calls for Regulation
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Everyone keeps talking about crypto regulation as of late. It appears the topic has gained a lot of steam since crypto exchange FTX collapsed into a steaming pile of bankruptcy and fraud.
Regulation Should Wait Until We Can Replace Those in Charge
Under normal circumstances, a situation like this would indeed serve as a bridge to regulation, but in many ways, right now is probably the worst time to instill any sort of regulatory oversight in the crypto space.
There are many reasons for this, one big one being who’s in charge. When one considers the level of incompetence they’ve witnessed over the last few years, they realize that those tasked with running their countries (and ultimately, the world) aren’t up to the job. Look at Janet Yellen, for example. This is a woman with a Ph.D. in economics from Yale. Serving as the United States’ current Treasury Secretary, Yellen commented in 2021 that she felt inflation was a problem that would ultimately fix itself.
You have a Ph.D. in economics and statements like that are coming out of your mouth? Under Yellen’s hand, the U.S. economy has fallen into a complete state of disarray. Food and gas prices have reached new highs, inflation is the worst it’s been in over 40 years, and job numbers continue to be disappointing. Do we really want someone like this to have anything to do with the crypto industry? She can’t even handle the arena of standard finance, which has been around for hundreds of years. What makes anyone think she’ll competently reside over the still infant digital currency space?
Fed chair Jerome Powell has also proven incapable. His solution to everything has just been to hike rates. Despite everything showing him regularly that this methodology isn’t working, he can’t seem to change his mind or implement new tactics for fighting the economic downfall of America.
Nobody Knows What They’re Doing!
Right now, crypto prices are trying to make a comeback after suffering at the hands of his rate hikes during 2022. In addition, many people have been shut out of the American dream and can no longer afford homes or cars or anything else that might require a loan given the interest rates are practically unaffordable, but in the end, not much has really changed. Inflation is still a problem, and what did Jerome Powell say recently about it? That 2023 would likely be a year of continued hikes, meaning we can look forward to more of the same over the next seven months.
Some might think that regulation is the only thing that can save crypto from situations like FTX, but while there may be a degree of truth to this, fans may want to wait on their calls for regulation until the American political spectrum can endure a few necessary changes.
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