Christopher Perkins, president of blockchain investment firm CoinFund, is calling out the Bank for International Settlements (BIS) for what he describes as a “dangerous mix of fear, arrogance, and ignorance” in its latest stance on crypto.
In an April 19 post on X, Perkins slammed the BIS’s April 15 report, “Cryptocurrencies and Decentralized Finance: Functions and Financial Stability Implications,” saying its recommendations could wreck the future of finance rather than protect it.
> “Crypto is not communism. It’s the new internet — open, fast, borderless,” Perkins said. “You can’t contain it any more than you can contain the internet.”
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BIS vs. Crypto: A Containment Strategy Gone Wrong?
The BIS suggested that crypto and DeFi should be kept at arm’s length from traditional finance (TradFi), advocating for a “containment” approach to safeguard the economy. Perkins didn’t hold back, warning this kind of thinking could create liquidity risks of unimaginable scale.
Why? Because crypto operates 24/7 in real time — while traditional markets clock out after trading hours. Attempting to wall off crypto could leave TradFi in the dust.
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DeFi = Transparency, Not Risk
The BIS claims DeFi brings major risks. Perkins flips that argument on its head, saying DeFi is actually a huge upgrade compared to the opaque, imbalance-ridden TradFi system.
> “When was the last time a TradFi firm listed their developers publicly?” he quipped, challenging BIS’s concerns about DeFi anonymity.
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Stablecoins: Lifelines, Not Threats
Perkins also took aim at BIS’s warning that stablecoins could destabilize fragile economies like Venezuela or Zimbabwe.
> “If USD stablecoins help people in the developing world, that’s a good thing. Period,” he stated.
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Others Join the Rebuttal
Christian Catalini, co-founder of Lightspark, echoed Perkins' sentiments, comparing the BIS report to outdated tech regulation:
> “Like writing parking rules for self-driving drones — well-intentioned, but two tech generations behind.”
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The Bottom Line?
Crypto isn’t a threat. It’s evolution. And trying to trap it in a box built for the old financial world? That’s what’s CryptoNotCommunism
#DeFiTransparencBlockTheFearar