Peter Schiff Tweets “We Don’t Need More Government Regulation”
CoinEdition
Published Nov 21, 2022 05:15AM ET
Updated Nov 21, 2022 05:30AM ET
Peter Schiff Tweets “We Don’t Need More Government Regulation”
- Peter Schiff has stated that “we don’t need more government regulation.”
- The economist and global strategist urged for a free market and to “end the Fed”.
- For Schiff, competing for reputation, profit, and loss are better regulators.
Chief Economist and Global Strategist Peter Schiff took to Twitter and stated that “we don’t need more government regulation.” He further said that there is a need for more free market regulation and personal responsibility.
In detail, he mentioned that the NYSE (New York Stock Exchange) was established in the year 1792. Meanwhile, the SEC was not created until 1934. According to Schiff, Let’s end the Fed, government stimulus, subsidies, guarantees, and bailouts. We were better off without it.
This tweet was inspired by those calling for more government regulation in the wake of the SBF and FTX frauds. The beauty of free market capitalism is that it self-regulates. Competition for reputation, profit, and loss are better regulators than easily captured bureaucrats.
In response to his tweet, several Twitterati expressed their opinions. One user named Vincent said, “That’s why decentralized crypto was invented. It self-regulates.”
On the other hand, Cryptorich replied to Schiff saying that. “I agree we are better off without the SEC, Though I was not aware that there was any meaningful regulation in crypto. I think a minimum of regulation is fine, certainly not more over less.”
Moreover, another user MichaelBoldin shared his thoughts speculating that “for all we know, SBF was just a tool to get more people on board with more government regulation.”
Furthermore SoundMoney expressed that the solution is private sound money with no banks or governments in between. A true libertarian world of commerce! Gold via crypto!”
The ongoing debate for and against crypto regulations has divided the crypto market, with increased volatility, fear, uncertainty, and doubt on the rise among netizens.
The post Peter Schiff Tweets “We Don’t Need More Government Regulation” appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.