Regulating the Regulator's Crypto Nightmares

The provided text, "Regulating the Regulator's Crypto Nightmares," critically examines Professor Savona's arguments regarding the perceived dangers of cryptocurrencies. It challenges his assertions about crypto's "total darkness," highlighting existing regulations like the European Travel Rule and MiCA, which enforce transparency and oversight. The author refutes the idea of a "far west" unregulated crypto landscape, pointing out that the EU has a unified and restrictive framework in place. Furthermore, the article contrasts the limited systemic risk posed by crypto assets with the historical role of traditional financial institutions in major economic crises, arguing that past downturns were caused by complex financial products within the regulated banking sector. Finally, it explores the innovative and inclusive applications of blockchain technology, suggesting that dismissing crypto as mere speculation overlooks its real-world utility and evolving environmental footprint.