Crypto regulation is like a flimsy umbrella in a monsoon
The following opinion editorial was written by joseph collement General Counsel of Bitcoin.com, and states that he should not be misunderstood but that he thinks the regulatory process is very important. He sheds light for her saying it is like a twinkling umbrella on a sunny day and much better than nothing but it is not something we want to rely on during monsoons. Specifically they say that asking people right now that despite being the most regulated CEX yet all managed to corner their earnings and money and where we talk about a bad reputation it is inevitable that it is in business. Going further, let’s not be real here because the crypto world is like the Wild West and to be honest the US government is like the sheriff who just came out of town trying to clear the new frontier Or is trying to understand it.
Working as a lawyer he says I have worked in this film a full time over 5 years and I would venture to say the problem with CEXes is not regulation (or the lack thereof) so much as a business model And whenever someone takes control of the client’s money, they are incentivized to trade and gamble with that money, as we can see with a stockbroker. Meanwhile, the customer bag remains like an empty bag in this case when everything is needed on the south side.
“Regulated” CEXs also combine services such as trading, custody and market making. A traditional regulated stock exchange platform provides users with the ability to trade face-to-face on the exchange as opposed to any other customer of the exchange and trade back and forth against customers, including the US through a top-tier exchange. It’s like a well-known practice. Also let’s forget about hacking as till date in the last 3 years around $5 billion users’ money was stolen and definitely less than $3 billion in 2022 only. But you don’t need to worry because the Department of Justice is on your side and on your side, and by taking effective action against known crypto criminal organizations like Bitzlato, they will ensure that your funds are safe and that billions of dollars are actually in compliance. The cost of revenue is CEX is spending more money on law and compliance than on product development, and this month, Coinbase invested $50 million in its compliance department in an agreement with NYDFS and cut staff by 20%. Had given. Lawyers are definitely blockers by no design and if you follow their advice blindly you risk ending up with good old cookie pop-ups. Furthermore, honest business narratives and non-custodial wallets hold an important place in the cryptocurrency world to protect the interests of investors and customers, and General Counsel Joseph Collement has called for a more decentralized model instead of relying solely on regulation. We give importance and at the same time where the user has complete control over his own money and not at the mercy of institutions and only then he really gives importance to the user’s goal and security of his money in the world of crypto currency.
