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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 Tuesday December 20 2022, @01:09PM (4 children)

    by Opportunist (5545) on Tuesday December 20 2022, @01:09PM (#1283311)

    Consider this hypothetical example. You're running an auto company and you have some business in your supply chain producing a critical part for you. It means lives lost, if this is done wrong.

    What does it cost if lives are lost? Is there some government agency that crushes my balls if people croak? Do I have to pay compensation if they do? Can I write it into the contract that they only got themselves to blame if they're stupid enough to by my crap and die because of it?

    As that elusive breed, the ethical businessperson

    Ethical businessmen don't exist. Or at least, they don't exist for long. An ethical businessman gets muscled out of the market while pondering whether he should do something that could be morally questionable by someone who doesn't ask that question and doesn't even understand why the fuck anyone would ask that question.

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  • (Score: 1) by khallow on Wednesday December 21 2022, @06:38AM (3 children)

    by khallow (3766) Subscriber Badge on Wednesday December 21 2022, @06:38AM (#1283450) Journal

    What does it cost if lives are lost? Is there some government agency that crushes my balls if people croak? Do I have to pay compensation if they do? Can I write it into the contract that they only got themselves to blame if they're stupid enough to by my crap and die because of it?

    Generally in the US, $10 million per for negligent homicide with sky-is-the-limit, if the plaintiff can show defendants knowingly caused death.

    The smart psychopath wouldn't brag as you do above. That'll save them a lot of money in the long run.

    As that elusive breed, the ethical businessperson

    Ethical businessmen don't exist. Or at least, they don't exist for long. An ethical businessman gets muscled out of the market while pondering whether he should do something that could be morally questionable by someone who doesn't ask that question and doesn't even understand why the fuck anyone would ask that question.

    It depends what the business is. A business sector that requires a lot of trust, reputation, or integrity can encourage a great deal of morality, though perhaps of a sort most people wouldn't recognize. We can easily come up with businesses where immoral behavior is routinely rewarded - such as illegal drug sales. But there's also businesses where immoral behavior ended the business. A classic example comes from the accounting world. For example, when Authur Andersen [wikipedia.org] signed off on Enron fraud, overnight (well over the course of nine months) it went from one of the top four accounting/auditing firms of the today to bankruptcy court.

    • (Score: 2) by Opportunist on Thursday December 22 2022, @10:56AM (2 children)

      by Opportunist (5545) on Thursday December 22 2022, @10:56AM (#1283575)

      So I guess what you're saying here is what makes companies give a shit about their customer's safety is governmental regulation of the industry, did I get that right?

      • (Score: 1) by khallow on Friday December 23 2022, @01:18AM (1 child)

        by khallow (3766) Subscriber Badge on Friday December 23 2022, @01:18AM (#1283664) Journal
        Lawsuits are a very different sort of regulation which is very popular with government minimalists.
        • (Score: 2) by Opportunist on Saturday December 24 2022, @10:05AM

          by Opportunist (5545) on Saturday December 24 2022, @10:05AM (#1283834)

          Lawsuits only work if there are laws. Else, well, you can sue, but there ain't anything to base your case on.

          Now guess who makes those laws. And where again do you take those lawsuits?