Crypto Regulation & Need for Self-Policing in the Industry

• Billionaire Bill Ackman shared his thoughts on crypto-related topics.
• The billionaire has warned that the crypto industry must self-police or risk being shut down.

Billionaire Bill Ackman discussed his opinions on several issues relating to cryptocurrencies, such as crypto legislation in a series of tweets Saturday. He claimed that additional regulations for cryptocurrencies are not necessary. A large portion of the fraud that is occurring involves traditional pump-and-dump scams and custodians failing to protect consumer assets.

 Bill Ackman added:

Regulators need more resources to police the bad actors. Unfortunately, it will likely take years for the regulators to catch up, and they may never get there. The crypto industry, therefore, needs to self-police and out the bad actors, or it is at risk of being shut down.

FTX Crisis Is Not a Crypto Failure

Many people are advocating for stricter cryptocurrency regulation in the wake of the collapse of FTX, a significant cryptocurrency exchange, earlier this month. Mark Cuban and Robert Kiyosaki are two people who have emphasized that the FTX crisis is not a crypto failure. The SEC, Chairman Gary Gensler, FTX co-founder Sam Bankman-Fried, and centralized finance, according to U.S. Congressman Tom Emmer, are to blame for the failure.

The billionaire declared last week that cryptocurrency is here to stay and can substantially benefit society and build the global economy with proper monitoring and regulation. He continued that all legitimate participants in the crypto ecosystem should therefore be extremely motivated to discover and eradicate fraudulent actors as they considerably increase the likelihood of regulatory action.