In fact, Hell No!
Cryptocurrency regulation is needed to stop the next FTX-style implosion spilling over into a wider financial crash, the deputy governor of the Bank of England has said.
Sir Jon Cunliffe said Britain should “continue to bring these activities and entities within regulation”, including “most obviously, the need to protect consumers”.
If FTX – or any of the others – had been inside the regulatory boundaries then they would have been tied in with the regular banking system. Which would have meant considerable contagion. As it is we’re able to leave it outside and allow it all to go bust. Sure, $3 trillion – or whatever – is real money but it’s not a systemic problem even if the entire sector evaporates. We can leave that wild west to sort itself out, either into useful legality or into business. But if it had been inside the curtains of the system then we’d have a very much larger problem.
Bring it under the King’s Law after the frontier has been conquered, not before or while.