Regulation is for Your Good

“Regulation is for your good!” This appears to be the persistent message the big guys want to sell for quite some time.

I see this growing “regulation narrative” as anomalous.

This is the impression I got after reading this Cointelegraph article.

How can the advocates of crypto regulation talk about regulation if in the first place their man, SBF enjoys a lot of political connections and is allowed to freely run his Ponzi schemes under their noses? Isn’t that hypocritical on their part?

Even though applied in a different context, I think the assessment of one economist is applicable in that the real problem is:

a system that artificially encourages indebtedness, excessive leverage, and reckless money management.

I speculate that once this regulation thing has been put in place, this would grant a huge advantage to big names in the financial industry. It is my wild guess that a few want to hijack the blockchain and cryptocurrency sectors.

As beneficiaries of regulation, it is expected that these big names will join the “choir” of those who are singing for more government regulation in the crypto space. Such a song will get louder and louder until they get what they want.

At the back of my mind, I am thinking that instead of helping the industry, this action would bring further economic anomalies. Financial power will once again be concentrated in the hands of fewer companies. They will be protected from competition.

My last suspicion is that those who will continue to utilize the decentralized blockchain and crypto projects like Hive and persist in transacting using this platform will soon be criminalized. I wish I am mistaken in my suspicion.

The remaining question is the regulators’ capability to globally enforce such a law.

Grace and peace!