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global financial crisisThe Atlantic
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75% Informative
The incoming Trump administration has promised to pass crypto-friendly regulations.
This will bring an unheralded era of American prosperity, it argues.
But experts expect something different: A boom, maybe, with the price of bitcoin, ether, and other cryptocurrencies climbing.
The danger is that it will lead to an increase in leverage across the whole of the financial system, they say.
The Financial Innovation and Technology for the 21st Century Act, or FIT21, passed the House before dying in the Senate last year .
It amounts to an industry wish list. It makes the Commodity Futures Trading Commission , rather than the Securities and Exchange Commission , the regulator of most crypto assets and firms.
The CFTC has roughly one-fifth the budget of the SEC , and one-seventh the staff.
Billions of traditional-finance money is flowing into the crypto markets, and billions more will as regulators allow.
Peter Bergen : Even the sturdiest-seeming instruments are dangerous.
Bergen says the biggest risk with crypto has little to do with crypto at all.
VR Score
75
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70
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59
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English
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50
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