> It’s time for the Biden administration and Congress to regulate crypto.
I'm not too concerned one way or the other on regulating crypto, but the key difference between today and 1929 or 2008 is that crypto isn't a foundation of the economy. Regulation is probably at the right place right now because regulators are looking at it closely, but the blast radius of a collapse is (probably) limited, so they haven't acted on it.
I always find it funny when people call for regulation in crypto.
I just spent the past few years having crypto bros explain that decentralized finance is better in every way. Now they are decentralizing it and letting the government control it?
There are a lot of reasons people get into crypto. A lot want to get rich quick and aren't concerned with if it's bitcoins or tulips. Some are smarter money trying to make money off dumber money. Modern bitcoin miners opportunists. Some use it for illegal transactions. Then there are the true believers. I think only the get rich quick crowd will the be one clamoring for regulation after see how much money they've lost.
I'm not too concerned one way or the other on regulating crypto, but the key difference between today and 1929 or 2008 is that crypto isn't a foundation of the economy. Regulation is probably at the right place right now because regulators are looking at it closely, but the blast radius of a collapse is (probably) limited, so they haven't acted on it.