"The Genie" - A New Essay by Arthur Hayes. Summary
Former head of the cryptocurrency exchange BitMEX, Arthur Hayes, has published a new essay - "The Genie". In it, he criticized the most anticipated actions of Donald Trump aimed at supporting the crypto industry.
Hayes believes that creating a national bitcoin reserve and regulatory framework in the future could lead to problems, as it would turn cryptocurrency into a political tool, and new laws would protect the interests of large companies.
According to the author, the policy towards digital assets should be based on more fundamental economic factors so that the next administration cannot reverse everything.
The Incrypted team has prepared a brief summary of the text.
However, I believe that these wishes are misguided. Instead, it makes sense to ask the genie to do something that the next administration cannot undo, regardless of its political affiliation. In the first part of this article, I will explain why BSR and overly complex regulation will cause more harm than good, and then I will propose an alternative.
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