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S&P Global Market Intelligence – The Future of Regulatory Compliance

Hi All,

I’ll be presenting on a panel at this week’s S&P Global Conference called “The Future of Regulatory Compliance”.  We’ll be talking about regulations for cryptocurrencies.  My fellow panelists work for large firms and want the US to have a regulatory framework so their firms know what they can and can’t do.  They also think regulation will make individuals both safer and more likely to invest in cryptocurrencies.

My view is regulatory agencies and quasi-governmental agencies like the US Federal Reserve and the IMF tend to make things worse.  All fiat currency fails and goes to zero, and does so in the same way…debasement of the currency through excessive debt and increasing the money supply.  The beauty of a cryptocurrency like $BTC (#Bitcoin) is that it can’t be debased and that it’s not controlled by a central bank or government.  Why not try something that’s self regulating for a change?

A few predictions:

– My fellow panelists are correct that the US will impose some regulatory framework that will be greeted with approval by the big banks and asset managers.

– They are also correct that regulation and the ability to own #crypto in a traditional account will help with customer adoption.

– Other members of the panel think they can help guide the regulatory agencies towards “good” regulation.

– Those regulations may be well-meaning, but there’s a high probability of unintended consequences.

– People will point to illegal activity and fraud that has taken place related to $BTC, but neglect to notice that fraud has existed in every fiat currency over thousands of years, and that the US dollar is a favorite unit of exchange for drug cartels and other bad actors.

– While other panelists are correct there will be regulation, that’s regulation of asset managers. The US Government can’t regulate the $BTC network and individuals who want to buy it and own their own keys will always be able to do so.

– The discussion on Wednesday will be interesting, spirited, and good-natured.

Thanks to S&P Global for hosting the conversation.

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