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posted by janrinok on Sunday December 18 2022, @02:23PM   Printer-friendly
from the regulating-self-regulation dept.

Germany wants countries to regulate the crypto industry after the FTX and Bankman-Fried debacle- Technology News, Firstpost:

Germany's top regulator this week called for global regulation of the cryptocurrency industry to protect consumers, prevent money laundering and preserve financial stability.

Mark Branson, the president of Germany's financial market regulator BaFin, also known as the Federal Financial Supervisory Authority of Germany, said a that hands-off approach that would "just let the industry grow as a playground for grownups" was the wrong tactic.

"We've seen the self-regulated world. It will not work," Branson told journalists in Frankfurt on Tuesday evening.

Branson was speaking hours after U.S. prosecutors accused Sam Bankman-Fried, founder of cryptocurrency exchange FTX, of misappropriating billions of dollars and violating campaign laws in what has been described as potentially one of America's biggest financial frauds.

[...] Regulation of the industry has been loose and patchwork at best. Germany requires licences for banks to deal with cryptocurrency.

[...] The European Union has been working on a new Markets in Crypto Assets Regulation (MiCA) that some, including European Central Bank President Christine Lagarde, say would need to be broadened out in a future iteration and branded "MiCA 2".

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  • (Score: 2) by Opportunist on Sunday December 18 2022, @09:47PM (2 children)

    by Opportunist (5545) on Sunday December 18 2022, @09:47PM (#1283046)

    If "da man" is out to get you, kick that asshole to the curb and elect someone better.

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  • (Score: 2) by HiThere on Monday December 19 2022, @12:17AM (1 child)

    by HiThere (866) Subscriber Badge on Monday December 19 2022, @12:17AM (#1283064) Journal

    You have a very narrow definition of "da man". It's basically a catch-all term for powerful authoritarian figures. And, from your perspective, they are out to get you. All of them. From their perspective what they're trying to do (generally) is either make their job easier, or, occasionally, to do it at all. Often this can be played for mutual advantage, but this is by no means always true, and even when it is, making it work demands that *you* be the one who is flexible. They're dealing with lots of people at the same time, so usually they either can't be flexible, or don't see that they can.

    Javascript is what you use to allow unknown third parties to run software you have no idea about on your computer.
    • (Score: 2) by Opportunist on Saturday December 24 2022, @10:10AM

      by Opportunist (5545) on Saturday December 24 2022, @10:10AM (#1283835)

      And this is pretty much why we need governments in the first place. Powerful interest stakeholders don't need governments. Actually, they're the first who cheer if they go away. If I have the power myself, anyone who could step up and claim it is my competitor and never my ally. That's what I don't get, when someone who is powerless because he has no money nor power, wants "small government". That's not in your interest, buddy. The government is probably the only power in the country you're in that you actually have any kind of say in. Yes, your say ain't big, but at least you have one. In that industrial juggernaut over there, you have ZERO say. None. And if there isn't anything stopping him, he'll just move over you and sell your carcass.