This Is What the Crypto Industry Needs To Succeed, According to Former US Treasury Secretary. Former U.
28 Sep 2021, 08:00
This Is What the Crypto Industry Needs To Succeed, According to Former US Treasury Secretary
Former U.S. Treasury secretary Larry Summers says there’s one key thing that the crypto industry needs in order to thrive.
In a new interview with Bloomberg, Summers says that nefarious financial activity is inherent in the crypto space, and like other industries, digital assets will require regulation to become safe and reliable.
“Let’s start from the word crypto. It suggests a desire for secrecy with respect to large financial sums, and we have large financial sums happening in secret. You have risks of money laundering, risks of supporting various kinds of criminal activities, risks of innocent people being ripped off.”
Summers likens the conversation around regulation in crypto to similar discussions in industries like the big tech and the stock market.