Bloomberg: Regulation helps the industry remove bad players from the market and reduce fraud

Binance News · 2023-05-02T14:39:13.000Z

Bloomberg published an editorial stating that the encryption supervision carried out by the SEC will help the industry eliminate bad entities in the market. Such a framework would give the SEC and CFTC broad powers to quickly remove thousands of bad actors from the market. While this will lead to a general reduction in fraud, “With appropriate identification requirements, blockchain networks may even be more transparent and less conducive to crime than existing banking systems.” Bloomberg believes that regulators’ conflict with crypto “is the best thing to ever happen to the industry.” (The Block)

Bloomberg published an editorial, pointing out that the crypto regulation conducted by the SEC will help the industry to remove bad entities from the market. Such a framework will give the SEC and CFTC broad powers to quickly remove thousands of bad players from the market. This will generally reduce fraud, "With proper identification requirements, blockchain networks may even be more transparent and less conducive to crime than the existing banking system."
Bloomberg believes that regulators’ clash with crypto “is the best thing that ever happened to the industry.” (The Block)