It may take years for regulators to catch up and successfully control the cryptocurrency industry, so the industry must learn to do it itself, says billionaire Bill Ekman.
Billionaire, CEO and portfolio manager of Pershing Square Capital Management, Bill Ackman, said that in order to successfully regulate the crypto industry, new rules and laws are not even needed, since most of the fraudulent schemes are old and long-proven moves. For example, pump and dump (manipulative increase in stock prices), as well as the banal inability of people to protect their assets.
Therefore, the businessman believes, existing anti-fraud laws can regulate such violations. All that is needed now is more law enforcement. Recall that Ekman is also an official investment advisor to the US Securities and Exchange Commission (SEC).
“Now regulators need more resources to successfully control the industry and protect it from fraudsters. Unfortunately, it may take years for regulators to catch up, and they may not achieve it at all. Therefore, the crypto industry must cleanse itself of unscrupulous players, otherwise it risks disappearing, ”said Ekman.
In his opinion, the crypto industry is similar to the Wild West – there are simply no established standards in the industry that would guarantee the same security as in traditional finance. Last week, Ekman said he sees a great future for cryptocurrencies despite the collapse of the FTX crypto exchange. At the same time, he noted that he had always been a cryptocurrency skeptic.
Source: Bits
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