In a sizzling showdown that could be filmed as “Crypto vs. The Banksters: The Reckoning,” cryptocurrency bigwigs and their caped banking regulators are busy hashing out how to boss around the unruly crypto realm.
Christopher Perkins, the sharp-tongued president of CoinFund, has launched a verbal cannonball at the Bank for International Settlements (BIS), dubbing their crypto regulations not just misguided, but “dangerous” enough to make your grandma clutch her pearls.
Banking Regulators Plot To Cage The Crypto Beasts
On April 15, BIS dropped a tome titled “Cryptocurrencies and Decentralized Finance: Functions and Financial Stability Implications”. Their big idea? Lock digital coins in a financial zoo and keep them well away from the staid old money markets, presumably so they don’t infect anyone with whimsy.
Perkins didn’t just sip his tea quietly—he took to X (formerly Twitter, so yes, time moves on)—on April 19, calling BIS’s suggestions a toxic stew of “fear, arrogance, or ignorance,” slathered with a generous helping of “completely uninformed.” 🎭
The @BIS_org just published a new paper, “Cryptocurrencies and decentralised finance: functions and financial stability implication.” The good news is that the authors finally realize that advancements in crypto (including the growth of ETFs, stablecoins and tokenized real world…
— Christopher Perkins NYC (@perkinscr97) April 19, 2025
The heart of the matter? BIS is twitchy because crypto and DeFi investments have ballooned to the size where regulators now clutch their pearls over investor safety.
Crypto Guru Warns Of Catastrophe, Says ‘It’s Not Communism, It’s The Future’
Perkins shoots down BIS’s quaint containment fantasy with the subtlety of a netcat playing 4D chess: “Crypto is not communism,” he states, presumably preparing for the inevitable chorus of confused bank clerks. Instead, he paints crypto as “the new internet,” handing financial keys to anyone with a connection—like a magical ATM in the sky.
He sounds an alarm: try to quarantine crypto and you’ll unleash liquidity whirlpools on traditional finance that would make any banker’s head spin. Crypto never sleeps, but Bank Street takes its nightly tea and bed—therein lies the rub.
“Put these rules in place,” says Perkins, “and you’re not stopping risk—you’re brewing a perfect storm.” 🌪️
The Great Developer Mystery: Who Wrote The Code?
BIS frets about the shadowy cloak of anonymity draped over DeFi developers, glancing suspiciously at the digital robed figures. Perkins scoffs: “Last time I checked, no traditional finance firm hands out name tags for their code crafters.”
In fact, DeFi might be the bright shiny upgrade in a world where traditional finance operates behind curtains thicker than a Victorian mystery novel. Public companies mumble some disclosures, but let’s be honest—they’re careening towards private market oblivion.
Stablecoins: Villains Or Unsung Heroes?
BIS warns stablecoins might wreck economies in places like Venezuela and Zimbabwe, conjuring images of monetary chaos with melodramatic flair.
Perkins, ever the pragmatist, counters: if a dollar-pegged crypto token helps folks in the developing world keep their wallets happy, maybe that’s not so terrible after all. Sometimes, the “bad guys” just want to help—plot twist! 🤷♂️
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2025-04-20 19:14