Regulation-free crypto is history. In response to rampant crypto fraud and the incredible growth of regulation-skirting decentralized finance (DeFi), U.S. regulators are set to take unprecedented action against the cryptocurrency industry.
This regulatory shift tracks the United States’ historical pattern for regulating finance — oscillating between greater and lesser regulation depending on whether the desire for more freedom is stronger than the fear of financial instability or vice versa.
While free-market crypto-enthusiasts may despair, there may be significant benefits for those willing to cooperate. If insiders speak up about the illegal activity and abuses they see, they can ensure that their companies succeed while regulators target other bad actors.
If the insider’s company refuses to reform and regulators are forced to take action, the insider could also be eligible to earn hefty awards for blowing the whistle. By blowing the whistle, the insider also may gain protection from retaliation.
There is a familiar pattern with financial regulation in the U.S. — a period relatively free from financial regulation followed by a period of greater regulation to correct financial instability.
From the beginning, our founders fiercely contested the need for federal regulation of the financial system, a debate that centered around the chartering of a national bank. Andrew Jackson ultimately abolished the national bank in favor of a decentralized banking...
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