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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".
(Score: 1) by khallow on Wednesday December 21 2022, @06:38AM (3 children)
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.
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)
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)
(Score: 2) by Opportunist on Saturday December 24 2022, @10:05AM
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?