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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 quietus on Tuesday December 20 2022, @05:42PM (4 children)

    by quietus (6328) on Tuesday December 20 2022, @05:42PM (#1283369) Journal

    "First, it reveals societal and institutional weaknesses."

    I guess a theorist doesn't appreciate the difference between his ivory tower, and the common ground.

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  • (Score: 1) by khallow on Tuesday December 20 2022, @05:54PM (2 children)

    by khallow (3766) Subscriber Badge on Tuesday December 20 2022, @05:54PM (#1283372) Journal
    Show that's a real problem.
    • (Score: 2) by quietus on Thursday December 22 2022, @05:14PM (1 child)

      by quietus (6328) on Thursday December 22 2022, @05:14PM (#1283604) Journal

      The economic shocktherapy applied to Russia after the disintegration of the USSR, by Friedman and the rest of the Chicago Boys.

      • (Score: 1) by khallow on Friday December 23 2022, @01:26AM

        by khallow (3766) Subscriber Badge on Friday December 23 2022, @01:26AM (#1283665) Journal

        The economic shocktherapy applied to Russia after the disintegration of the USSR, by Friedman and the rest of the Chicago Boys.

        Even so, the Chicago Boys didn't create the oligarchs. Or the corruption of present day Russia and Ukraine. I agree that the approach you mentioned failed hard. I don't agree that it is somehow relevant to my observations (which are independent of Chicago Boys). After all, Russia didn't get to that abject state, where Chicago Boys were taken seriously, through deliberately sown instability, but through an authoritarian straitjacket that had bound the society for over 70 years.

  • (Score: 1) by khallow on Wednesday December 28 2022, @06:18PM

    by khallow (3766) Subscriber Badge on Wednesday December 28 2022, @06:18PM (#1284239) Journal
    Another thing "theorists" know about is historical examples of civilization collapses. For example, I have been reading about the Late Bronze Age Collapse. What's interesting about it is that they have no obvious cause. That's a strong candidate for collapse due to fragile societies.

    I think policies that create trillion dollars collapses instead of billion dollar collapses are much more likely to create a fragile society and contribute to some future collapse of civilization.