The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation
18 Abril 2022 - 8:56PM
NEWSBTC
Why do these Young Turks ladies dare to speak about a subject as
complex as cryptocurrencies without doing ANY research? In the
following video, both Ana Kasparian and Francesca Fiorentini read a
New York Times article interpreting it as fact, while giving the
most inane commentary you could imagine. To make things worse, they
try to be sarcastic and humorous and fail completely at that
too. Related Reading | Crypto Needs Regulation If It’s Going
To Survive, Says SEC Boss Their main thesis is that crypto
lobbyists are influencing bills and legislation while at the same
time trying to keep the industry irregulated. Is that what’s
happening? Doesn’t that thesis contradicts itself? Let’s go through
the Young Turks ladies’ points one by one to see if we can
understand them better. But first, the video: What Do The Young
Turks Think They’re Saying? To express coherent ideas while
recording live is hard. So, to cut the Young Turks ladies some
slack, let’s start with the text. The YouTube information box
starts as follows: “Crypto lobbies and lobbyists are gaining ground
in their fight to profit from bills drafted with state legislators
to keep the cryptocurrency market free of regulation, leading to an
increase in profits for crypto executives and lobbyists.” If a bill
passes, that’s regulation. Isn’t that what those lobbyists are
pushing? Regulation? Also, isn’t everyone in the United States
looking to increase profits? It seems like the Young Turks are
protesting about the lobbyists dictating what regulation looks
like, but that framing wouldn’t drive the outrage clicks. Later on,
the info box says: “Florida is the most recent state to adopt
crypto-friendly legislation as the state recently signed a law that
would make it much easier to trade and hold cryptocurrencies in the
state in an attempt to draw investment into the industry in
Florida.” What’s the problem here, exactly? Regions all over the
world are executing this geographical arbitrage play. Is it
illegal? NO. The info box closes with: “Across the nation, crypto
executives and lobbyists are helping to draft bills to benefit the
fast-growing industry, then pushing lawmakers to adopt these
made-to-order laws, before moving rapidly to profit from the
legislative victories.” Yeah, that’s what lobbyists do. Every
industry under the sun is trying to influence regulation in its
favor. Is it right? Maybe not, but it’s as common as bread. Crypto
people didn’t create lobbying. What Do Ana And Francesca
Think They’re Saying? The Young Turks’ bosses did these women dirty
by putting them in this position. It seems like they ordered a hit
piece about one of the most complex subjects around without
providing any training whatsoever. Do The Young Turks’ bosses have
training themselves? Because it seems like they’re as confused as
the ladies. The video starts with Ana stating the confusing thesis,
crypto lobbyists are drafting laws to make sure that the industry
remains irregulated? If they’re drafting laws, they’re looking for
regulation, but ok. Then, she criticizes Joe Biden’s now-famous
Executive Order by saying it’s just the commission of studies.
Well, it’s a complex subject, and the Young Turks could benefit
from commissioning studies themselves. Then, Ana says that the laws
are being left up to each State. Isn’t the United States a
constitutional federal republic? Federal means that the States are
sovereign. After that comes the terrible “Tales From The Crypt-o”
title card, in which they use a tweet from an NFT owner who got
hacked as some kind of proof that the crypto space is spooky and
treacherous. Then, the New York Times articulates what the Young
Turks couldn’t. According to it, a law presented in Florida
eliminates “a threat from a law intended to curb money laundering.”
So, what they’re actually against is that the crypto industry is
getting rid of AML laws? They’re not being too successful, then,
because, as far as we can tell, every exchange in the US has AML
procedures in place. ETH price chart on FTX | Source: ETH/USD on
TradingView.com The Young Turks Think That Cryptocurrencies Are
Good For Criminals It’s Francesca’s turn, and, with the eloquence
of a first-time podcaster, she says that cryptocurrencies are a new
way to “do corruption,” to “steal money that is not yours,” and for
“paying 17-year-olds for sex.” A ten minutes study of
cryptocurrencies would’ve told the Young Turks that the blockchain
is an immutable ledger. There’s not a worse medium to finance the
crimes that Francesca describes. Then, Ana insists that financial
institutions need to be regulated. That’s exactly what’s being
discussed, but ok. Then, she says “You should want protection. You
should want to ensure that cryptocurrencies aren’t used for money
laundering.” Perfect, but the people should also want banks not to
be used for money laundering, and they’re not getting that either.
The only way to stop money laundering is for the financial
authorities to do their job and stop it. Common citizens shouldn’t
suffer. Related Reading | Dubai World Trade Centre To Become A
Crypto Hub For Regulation Near the end, Francesca qualifies the
whole industry as a slow-moving con or scam. As a contrasting
opinion, we might qualify the industry as the most exciting
development in finance and as a job-generating juggernaut that’s
saving lives worldwide. Then, Francesca predicts that, in a few
years, we’re going to be inundated with documentaries about the
different cases in which people lost money. She might be right
about that. There’s too much money involved and the average citizen
is as uninformed as the Young Turks. Do your own research and
commission your own studies so that you won’t become a victim. As
in the traditional financial markets, laws aren’t going to protect
you from scams. Information and due diligence will. Featured Image:
Ana and Francesca, screenshot from the video | Charts by
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