{"id":22912,"date":"2025-04-20T16:01:39","date_gmt":"2025-04-20T16:01:39","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=22912"},"modified":"2025-04-20T16:01:39","modified_gmt":"2025-04-20T16:01:39","slug":"crypto-exec-blasts-bis-fear-arrogance-or-ignorance-their-views-are-dangerous","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=22912","title":{"rendered":"Crypto Exec Blasts BIS: \u2018Fear, Arrogance, Or Ignorance\u2014Their Views Are Dangerous\u2019"},"content":{"rendered":"
\n

A major clash has erupted between cryptocurrency industry leaders and banking regulators over how to handle the growing crypto market.<\/p>\n

CoinFund president Christopher Perkins has called the Bank for International Settlements\u2019 (BIS) recent recommendations on cryptocurrency regulation \u201cdangerous\u201d for the entire financial system.<\/p>\n

Banking Regulators Push For \u2018Containment\u2019 Of Crypto Markets<\/strong><\/h2>\n

The BIS published a report<\/a> on April 15 titled \u201cCryptocurrencies and Decentralized Finance: Functions and Financial Stability Implications,\u201d which urged a strategy to isolate digital currency from traditional finance.<\/p>\n

Perkins fired back on April 19 through a post on X (formerly Twitter), suggesting the BIS recommendations stem from \u201ca mix of fear, arrogance, or ignorance\u201d and are \u201ccompletely uninformed.\u201d<\/p>\n

\n

The @BIS_org<\/a> just published a new paper, \u201cCryptocurrencies and decentralised finance: functions and financial stability implication.\u201d The good news is that the authors finally realize that advancements in crypto (including the growth of ETFs, stablecoins and tokenized real world\u2026<\/p>\n

\u2014 Christopher Perkins \"\ud83e\udd85\"\"\ud83c\udf0e\"\"\u2693\"NYC (@perkinscr97) April 19, 2025<\/a><\/p>\n<\/blockquote>\n

At the heart of the dispute is the BIS\u2019s approach to handling cryptocurrencies and DeFi<\/a> (decentralized finance). Banking regulators have grown concerned as investments in this field have \u201creached a critical mass,\u201d making investor protection \u201ca significant concern for regulators,\u201d according to the report.<\/p>\n

<\/p>\n

Industry Expert Warns Of \u2018Unimaginable Scale\u2019 Of Risks<\/strong><\/h2>\n

Perkins rejected the BIS\u2019s containment approach, stating plainly: \u201cCrypto is not communism.<\/a>\u201d He described digital assets instead as \u201cthe new internet that provides anyone with a connection access to financial services.\u201d<\/p>\n

According to Perkins, attempts to isolate the digital currency markets could backfire dramatically. He warned that such a policy would expose traditional finance to liquidity risks \u201cof unimaginable scale.\u201d This danger exists because crypto markets operate continuously, while traditional financial markets close after trading hours.<\/p>\n

\u201cIf implemented they will cause\u2013not mitigate\u2013the systemic risk they seek to prevent,\u201d Perkins stated in his response.<\/p>\n

\"\"<\/p>\n

Debate Centers On Developer Anonymity, DeFi Transparency<\/strong><\/p>\n

The BIS report expressed particular concern about the anonymity of DeFi developers. Perkins questioned this focus, asking: \u201cSorry, but when was the last time a TradFi<\/a> company published a list of its developers?\u201d<\/p>\n

He argued that DeFi actually represents a \u201csignificant improvement\u201d over what he called the \u201copacity\u201d of traditional financial systems. While public companies provide some disclosures, Perkins noted they \u201cseem to be dying off in favor of private markets.\u201d<\/p>\n

Stablecoin Concerns Dismissed By Bitcoin Advocates<\/strong><\/p>\n

Banking regulators also raised alarms about stablecoins<\/a>, suggesting they could lead to \u201cmacroeconomic instability in countries like Venezuela and Zimbabwe.\u201d<\/p>\n

Perkins countered this view, suggesting that \u201cif there is demand for USD stablecoins and it helps improve the condition of anyone in the developing world, perhaps that is a good thing.\u201d<\/p>\n

Featured image from Getty Images, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A major clash has erupted between cryptocurrency industry leaders and banking regulators over how to handle the growing crypto market. CoinFund president Christopher Perkins has called the Bank for International Settlements\u2019 (BIS) recent recommendations on cryptocurrency regulation \u201cdangerous\u201d for the entire financial system. Banking Regulators Push For \u2018Containment\u2019 Of Crypto Markets The BIS published a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-22912","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22912"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/22912\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}