Mark Branson, the president of Germany's financial market regulator BaFin, said a hands-off approach that would "just let the industry grow as a playground for grownups" was the wrong tactic.
"We've seen the self-regulated world. It will not work," Branson told journalists in Frankfurt on Tuesday evening.Sam Bankman-Fried, founder of cryptocurrency exchange FTX, of misappropriating billions of dollars and violating campaign laws in what has been described as potentially one of America's biggest financial frauds.
Branson said a "crypto spring" may follow what has been a "crypto winter" but that the industry that emerges is likely to have more links with traditional finance, further increasing the need for regulation."The most important point is that it doesn't need just a European solution. It needs a worldwide solution."Germany requires licences for banks to deal with cryptocurrency.
Fascists always want to control everything.
FTX was intentional. Now they have reason to push for global regulations. Next step? Global government.