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Billionaire Bill Ackman has warned that the crypto industry needs to self-regulate. He added that regulators need even more resources to crack down on bad actors in the crypto space, and it will likely take years to catch up.
Billionaire Bill Ackman shared his thoughts on various crypto-related topics, including crypto regulation, in a series of tweets on Saturday.
Ackman is the CEO and Portfolio Manager of Pershing Square Capital Management, a US Securities and Exchange Commission (SEC) registered investment manager. His current net worth is around $3.5 billion.
Regarding cryptocurrency regulation, he said: Many of the scams out there are outdated pump-and-dump schemes where custodians fail to protect their clients’ assets.
The executive continues: It just needs more enforcement. Ackman said:
Regulators need more resources to crack down on bad guys. Unfortunately, it will likely take years for regulators to catch up, and they may never get there. Therefore, the cryptocurrency industry must practice self-monitoring and weed out bad actors. Otherwise, you risk being closed.
The collapse of major cryptocurrency exchange FTX earlier this month has left many in need. Tighter crypto regulation.
Some have stressed that the FTX meltdown is not a cryptocurrency failure. Mark Cuban When Robert KiyosakiU.S. Congressman Tom Emer said that it failure of SEC, Chairman Gary Gensler, FTX co-founder Sam Bankman-Fried, and Centralized Finance.
Crypto remains in the Wild West because it does not have the same protection as registered security products, Ackman added.
Therefore, the personality, reputation and track record of the management team and crypto-based business sponsors are very important in choosing which projects to back.
Last week, the billionaire said: stay here Proper oversight and regulation have the potential to bring significant benefits to society and grow the global economy. All legitimate participants in the crypto ecosystem are urged to expose and eliminate fraudsters as they significantly increase the risk of regulatory interventions that will reverse the potential positive impact of generations of crypto. It should be strongly encouraged.
What do you think of billionaire Bill Ackman’s comments? Let us know in the comments section below.
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