Why Crypto Billionaire Sam Bankman-Fried Expects Stricter Regulations


Sam Bankman-Fried said there will be increased crypto regulation in 2022.
Economic expert Michael Braml said it will put pressure on the market and bitcoin’s price.
Crypto analyst Timo Emden also told Insider that full regulation remains essential.
The ten largest cryptocurrencies are currently worth more than $1.5 trillion. They’re slowly but steadily entering the mainstream — but that has consequences.So far, no special laws apply to cryptocurrency. Developed during the financial crisis, cryptocurrencies were supposed to be independent of central banks, states, and credit companies. The number of coins is also limited, so no one can “print” an infinite number of bitcoins. The currency should therefore represent a virtual asset against inflation. Another peculiarity of cryptocurrencies is that it’s possible to carry out transactions anonymously.There are plans for “stronger supervision” of crypto-coinsCritics caution that cryptocurrencies are used in crimes on the darknet, money laundering, and terrorist financing, among other things. Government regulations are to be introduced to address these issues. For some crypto fans, this idea is absurd as the original goal was to be completely independent of state financial structures.But that is about to change. Sam Bankman-Fried, self-made billionaire and head of the crypto exchange FTX, said in an interview with Bloomberg that there will be increased crypto regulation in 2022, not only in the US but worldwide.”No one can be interested in a total failure””No one can be interested in a total failure,” bitcoin expert Michael Braml, founder and partner of Munich Economics, told Insider. Over the last two years, more and more banks and funds have invested in crypto on the investor side, and their “imbalance” isn’t in the interest of regulators, Braml said.In the short term, new regulations are likely to “put pressure” on both the crypto market as a whole and bitcoin price in particular, the expert said. “The old adage that capital is as shy as a deer applies here,” he said. But will it be rich enough for a crash? Braml doubts it.Full crypto regulation is “indispensable”Crypto analyst Timo Emden of Emden Research said the announcement of crypto regulations has the potential to “take the wind out of bitcoin and Co.’s sails in the short term.” In the long term, however, full regulation remains “essential” for crypto assets to be valued as a “serious asset class,” Emden told Insider.Regulatory measures should therefore be viewed “quite positively” in the long term. According to Emden, the need for this shows that the industry has already grown too large and can no longer be ignored. “However, regulation is and remains a fine line and requires a great deal of tact on the part of the authorities,” the analyst said. The industry should by no means be “regulated to death,” he added.Bitcoin ultras are being squeezed out by ordinary investorsBraml also expects positive effects from new regulations. He said cryptocurrencies are a “highly speculative” form of investment, as there’s no “real equivalent value” behind the assets. Braml compared bitcoin to gold. “Regulation can create security here, for example against market manipulation, as could already be observed in the past,” the economist said.In addition, regulated assets could be more easily used as collateral in lending, the expert explained. “All this may not please those who dream of capital market anarchy in the wake of bitcoin,” Braml said. But they’ll be displaced in the long run by “ordinary investors” who will shift part of their portfolios toward crypto assets. “This is then effectively the gentrification of an asset class,” Braml said.



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