Billionaire Bill Ackman Says Crypto Industry Needs To Self-police Or It Will Be Shut Down
According to billionaire Bill Ackman, the cryptocurrency industry must self-police, otherwise, it runs the risk of being shut down. He also said that it will probably take years for regulators to catch up since they need more funding to monitor the bad actors in the cryptocurrency field.
In a series of tweets on Saturday, the CEO of Pershing Square and Co-trustee of Pershing Square Foundation, Bill Ackman discussed his opinions on many crypto-related subjects, including crypto regulation.
Much of the fraud that is taking place is old-fashioned pump and dump schemes, and failures of custodians to protect customer assetsRegarding cryptocurrency regulation, Ackman opined
According to Ackman, a solution to remedy the situation now is to create more enforcement, he tweeted.
Additionally, Ackman stated that choosing which projects to back is crucial for management teams and sponsors of crypto-based businesses due to protections of registered security in crypto not existing.
Numerous people have called for stricter cryptocurrency regulation in the wake of the collapse of FTX earlier this month. Likewise, Mark Cuban and Robert Kiyosaki, among others, have emphasized that the FTX collapse is not a failure in the cryptocurrency industry while congressman Tom Emmer of the United States thinks the SEC, Chairman Gary Gensler, co-founder Sam Bankman-Fried of FTX, and centralized finance are to blame for the failure.
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