Crypto is a jungle. Let it stay a jungle and buyer (and seller) beware. From SLL contributor William Gudal:
In the wake of the FTX explosion there is a cascade of calls for new crypto regulation. I, on the other hand, recommend zero regulation of any kind, now or in the future. Crypto is not a financial asset (or an asset of any kind) and therefore requires no regulation. Further, it is incapable of meaningful regulation; it is like holding a beach ball underwater.
In my years of observing human nature I have concluded that individuals are overwhelmingly possessed by three archetypical and primal instincts: sex, consumption of food and water, and the desire to pass a law, a rule or a regulation. Humans love telling people what to do and what not to do. This applies not just at the national level but extends all the way down to local governments and to voluntary social organizations. Nothing must excite a Congressperson more than the moment another 1200 page legislative bill receives the final passing vote and is sent off to the Government Publishing Office. These new laws stack up like cordwood, hundreds of years of them, and remain forever like lichen on a stone, ready to confuse and thwart the efficiency of the next new good idea. The bill signing ceremony where the President hands out a multitude of pens to the dazzled onlookers must be pure euphoria.
