Bill Clinton Calls for “an Intelligent Effort” to Regulate the Crypto Market

No matter what do you think politically about former U.S. President Bill Clinton or the trail of scandals he left behind him, his charisma, eloquence and acumen are indisputable. And yesterday (October 1st), the two-term 42nd President evinced these attributes once more, this time at a cryptocurrency conference.

After giving the highly-anticipated keynote address at Ripple’s Swell conference, President Clinton discussed various topics as part of a Q&A session moderated by his and President Obama’s former advisor, Gene Sperling. One of the most interesting issues that Clinton debated was blockchain technology, about which he released several intriguing statements.

Clinton addressed the future of blockchain technology, and what he believes could hamper its advancement.

This whole blockchain deal has the potential it does only because it is applicable across national borders, income groups. The permutations and possibilities are staggeringly great, but we could ruin it all by negative identity politics and economic and social policy. You think about it.

Oh, we did… we certainly did. Clinton of course refers to regulations related to the crypto industry, and how over-regulations could “ruin” (quite a bombastic word choice) everything. Clinton is not the first to warn against impeding regulations; these kinds of proclamations were voiced recently by Congressmen, Senators and even the head of the CFTC.

Yet, even though the former president calls for a less strict approach regarding the crypto industry, he’s still not utterly detached and clearly understands that some legal oversight is necessary.

There needs to be an intelligent effort to identify the downsides. With the blockchain – or whatever – you don’t want money laundering, you don’t want scams. You end up killing the goose that laid the golden egg.

The logic behind this is obvious: if frauds and various criminal activities would run rampant in the crypto market, the entire industry’s credibility might be indelibly tainted, and thus more and more potential crypto investors and users would ultimately distance themselves from it.

It seems, then, that Clinton suggests something very simple regarding cryptocurrencies and blockchain: a sensible and balanced regulatory approach.

What do you think about the article?

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