- Peter Schiff has stated that “we don’t need more government regulation.”
- The economist and global strategist urged for a free market and to “end the Fed”.
- For Schiff, competing for reputation, profit, and loss are better regulators.
Chief Economist and Global Strategist Peter Schiff took to Twitter and stated that “we don’t need more government regulation.” He further said that there is a need for more free market regulation and personal responsibility.
In detail, he mentioned that the NYSE (New York Stock Exchange) was established in the year 1792. Meanwhile, the SEC was not created until 1934. According to Schiff, Let’s end the Fed, government stimulus, subsidies, guarantees, and bailouts. We were better off without it.
This tweet was inspired by those calling for more government regulation in the wake of the SBF and FTX frauds. The beauty of free market capitalism is that it self-regulates. Competition for reputation, profit, and loss are better regulators than easily captured bureaucrats.
In response to his tweet, several Twitterati expressed their opinions. One user named Vincent said, “That’s why decentralized crypto was invented. It self-regulates.”
On the other hand, Cryptorich replied to Schiff saying that. “I agree we are better off without the SEC, Though I was not aware that there was any meaningful regulation in crypto. I think a minimum of regulation is fine, certainly not more over less.”
Moreover, another user MichaelBoldin shared his thoughts speculating that “for all we know, SBF was just a tool to get more people on board with more government regulation.”
Furthermore SoundMoney expressed that the solution is private sound money with no banks or governments in between. A true libertarian world of commerce! Gold via crypto!”
The ongoing debate for and against crypto regulations has divided the crypto market, with increased volatility, fear, uncertainty, and doubt on the rise among netizens.
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