My goal tonight is not to weigh in on whether and how crypto-asset markets should be regulated. By any measure, the last five years have been a stretch of incredible growth in crypto-asset markets. And they have a point: Crypto and DeFi may be new, but these kinds of freewheeling markets aren't. The ideas, practices, and technologies that survive in these rough waters can eventually disrupt and improve older and calmer markets. In summary, financial regulation is typically demanded (1) by financial intermediaries as a form of liability protection and (2) by the taxpayer to prevent socialization of individual losses.

Source: Wall Street Journal June 03, 2022 17:14 UTC