{"id":127553,"date":"2025-04-20T04:17:06","date_gmt":"2025-04-20T04:17:06","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127553"},"modified":"2025-04-20T04:17:06","modified_gmt":"2025-04-20T04:17:06","slug":"crypto-is-not-communism-exec-slams-bis-take-on-crypto","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127553","title":{"rendered":"\u2018Crypto is not communism\u2019 \u2014 Exec slams BIS\u2019 take on crypto"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe Bank for International Settlements\u2019 (BIS) push to isolate crypto markets and its controversial recommendations on DeFi and stablecoins is \u201cdangerous\u201d for the entire financial system, warns the head of a blockchain investment firm.<br \/>\n\u201cMany of their recommendations and conclusions \u2013 perhaps due to a mix of fear, arrogance or ignorance&#8211;are completely uninformed and frankly, dangerous,\u201d CoinFund president Christopher Perkins said in an April 19 X post, referring to the BIS April 15 report titled \u201cCryptocurrencies and decentralized finance: functions and financial stability implication.\u201d\u00a0<br \/>\nBIS recommendations exposes TradFi to risks of \u201cunimaginable scale\u201d<br \/>\n\u201cCrypto is not communism,\u201d Perkins said, pushing back against the BIS\u2019s call for a \u201ccontainment\u201d approach to isolate crypto from traditional finance and the broader economy.<br \/>\n\u201cIt\u2019s the new internet that provides anyone with a connection access to financial services,\u201d Perkins said. \u201cYou cannot control it anymore than you control the internet,\u201d he added.<br \/>\nPerkins warned that a containment approach to crypto would expose the traditional financial system to massive liquidity risks \u201cof unimaginable scale,\u201d especially when the crypto market operates in real-time, 24\/7, while traditional financial markets shuts down after trading hours.<br \/>\n\u201cIf implemented they will cause&#8211;not mitigate&#8211;the systemic risk they seek to prevent.\u201d<br \/>\nThe report warned that the number of investors and amount of capital in crypto and DeFi have \u201creached a critical mass,\u201d with investor protection becoming a \u201csignificant concern for regulators.\u201d<br \/>\nSource: Michael EgorovPerkins pushed back against the BIS\u2019 claim that DeFi presents significant challenges, arguing instead that it represents a \u201csignificant improvement\u201d over the \u201copacity\u201d and imbalances of the traditional financial system.<br \/>\nRelated: Crypto industry is not experiencing regulatory capture \u2014 Attorney<br \/>\nResponding to the BIS\u2019s concern about the anonymity of DeFi developers, Perkins questioned its relevance:<br \/>\n\u201cSorry, but when was the last time a TradFi company published a list of its developers? Sure, public companies provide a degree of disclosures and transparency, but they seem to be dying off in favor of private markets.\u201d<br \/>\nPerkins also critiqued the BIS\u2019s concern around stablecoins that it could lead to \u201cmacroeconomic instability in countries like Venezuela and Zimbabwe.\u201d<br \/>\n\u201cIf there is demand for USD stablecoins and it helps improve the condition of anyone in the developing world, perhaps that is a good thing,\u201d Perkins said.<br \/>\nSource: Christopher PerkinsPerkins wasn\u2019t alone in criticizing the controversial report. Lightspark co-founder Christian Catalini also weighed in, posting a series of critiques on X that same day. Catalini summed up the report with the analogy:<br \/>\n\u201cThink: writing parking regulations for a fleet of self\u2011driving drones \u2014 earnest work, two technological leaps behind.\u201d<br \/>\nMagazine: Altcoin season to hit in Q2? Mantra\u2019s plan to win trust: Hodler\u2019s Digest, April 13 \u2013 19<a href=\"https:\/\/cointelegraph.com\/news\/bank-international-settlements-crypto-report-danger-fears-coinfund-president-says?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe Bank for International Settlements\u2019 (BIS) push to isolate crypto markets and its controversial recommendations on DeFi and stablecoins is \u201cdangerous\u201d for the entire financial system, warns the&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127553"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127553"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127553\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127553"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}