‘Crypto is not communism’ — Exec slams BIS’ take on crypto
The Bank for International Settlements (BIS) faces criticism for its recommendations on isolating crypto markets, described as "dangerous" by CoinFund president Christopher Perkins. Perkins argues that BIS's containment approach could expose traditional finance to significant liquidity risks, as crypto operates continuously while traditional markets do not. He asserts that crypto is a transformative technology akin to the internet, not a system to be controlled. The BIS report highlights investor protection concerns as crypto and DeFi reach critical mass. Perkins defends DeFi as an improvement over traditional finance's opacity and questions the relevance of anonymity concerns regarding DeFi developers. He also challenges BIS's worries about stablecoins potentially causing macroeconomic instability, suggesting that USD stablecoins could benefit developing countries. Lightspark co-founder Christian Catalini echoed these critiques, likening the BIS report to outdated regulatory thinking.
