• tardigrada@beehaw.org
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    1 year ago

    I don’t reject crypto regulation, but the way how this is done across the world is bad for innovation and prevents competition.

    To give an idea what I mean: One of the more prominent crypto scams of late has been the FTX case. Back in the fall I read FTX’s bankruptcy declaration. As far ax I remember, it said that 2 out of the 4 FTX companies never had an audited report, they never had a cashflow forecast, major decision about cash reimbursements were made via chat, budget responsibilities were unclear, assets bought were not on the books, and many other points. But none of the things had anything to do specifically with crypto. They simply had no investor reporting and the investors -with big names among them like Sequoia Capital, Tudor Investment or Robert Kraft- apparently didn’t ask questions.

    With a proper reporting and by applying and enforcing the existing laws, though, the FTX case would never have happened. And this is also true for many other crypto scams imho. But, again, I’m not at all against regulation, it should just done wisely without preventing technical and social innovation.