Bill Ackman suggests crypto to ‘Self-Police’ or risk facing a shutdown…

Recently, American Billionaire Bill Ackman whose current net worth is about $3.5 billion, shared his thoughts on many crypto-related topics that include crypto regulation as well.

bill-ackman-crypto
Ackman

At present, Bill Ackman is the CEO and portfolio manager of Pershing Square Capital Management and a registered investment adviser with the SEC.

About cryptocurrency regulation, the billionaire expressed that he is not sure that we need new rules. Ackman adds that the majority of the fraud that is taking place is old-fashioned pump-and-dump schemes, and failures of guardians to protect customer assets.

The series of tweets was to clear out the air on the speculations that he was himself pumping tokens. The billionaire also emphasized different issues with crypto and opined that there is a need for crypto to self-police and prevent bad actors from exploiting or it will face a shutdown.

Further, Ackman also mentions that Crypto remains the Wild West as the exact protections of registered security offerings don’t exist. Hence, the character, reputation, and track record of the management teams and sponsors of crypto-based businesses are quite critical in choosing which projects to back.

Last week, the billionaire stated crypto is here to stay and with proper administration and regulation, it has the prospect to greatly help society and grow the global economy. All legitimate participants in the crypto ecosystem should thus be highly incentivized to uncover and eliminate fraudulent actors as they greatly raise the risk of regulatory intervention that will set back the positive potential effect of crypto for generations.

The recent collapse of FTX, a prominent cryptocurrency exchange has led to experts calling out for tight regulations.

Also read: Gary Gensler says SEC enforcement stays focused on Crypto

However, few individuals like Mark Cuban and Robert Kiyosaki believe and have highlighted that the FTX meltdown is not a crypto collapse. U.S. Congressman Tom Emmer thinks that it is a failure of the SEC, Chairman Gary Gensler, FTX co-founder Sam Bankman-Fried, and centralized finance.


NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFTs

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