I think there's a real concern that giving governments (particularly imperialist governments with the ability to project massive force both domestically and in foreign affairs) the power to criminalize voluntary economic activity tends to entrench wealth and power rather than to lubricate mobility.
Moreover, while the government can have a fairly significant impact on Wall St., ForEx, and on interest rates and worldwide financial markets (though in each of these cases, it seems that despite perhaps well-intentioned regulations, the norms and fraud, abuse, and predatory instruments), there are even worst second-order effects when huge governments attempt to meddle in areas where they can exert relatively little control, as exemplified by drug prohibition for example.
It's not obvious what banning crypto speculation might have - it will surely make crypto (and speculative crypto instruments) more valuable in some markets due to the smuggling risk - is that likely to be assistive to whomever you're trying to help?
> real concern that giving governments...the power to criminalize voluntary economic activity tends to entrench wealth and power rather than to lubricate mobility
Uh, sure. But this isn't a real political phenomenon. When concerns arise around power and wealth entrenchment, the solution has never been to reduce the state's power to regulate the economy.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” — Adam Smith
> When concerns arise around power and wealth entrenchment, the solution has never been to reduce the state's power to regulate the economy.
I'm not sure why you believe that. For example, The fall of the Soviet Union - in some ways the most significant economic restructuring of the 20th century - was precisely that.
Moreover, while the government can have a fairly significant impact on Wall St., ForEx, and on interest rates and worldwide financial markets (though in each of these cases, it seems that despite perhaps well-intentioned regulations, the norms and fraud, abuse, and predatory instruments), there are even worst second-order effects when huge governments attempt to meddle in areas where they can exert relatively little control, as exemplified by drug prohibition for example.
It's not obvious what banning crypto speculation might have - it will surely make crypto (and speculative crypto instruments) more valuable in some markets due to the smuggling risk - is that likely to be assistive to whomever you're trying to help?