The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation
Why do these Young Turks ladies dare to speak about a subject as complex as cryptocurrencies without doing ANY research? In the following video, both Ana Kasparian and Francesca Fiorentini read a New York Times article interpreting it as fact, while giving the most inane commentary you could imagine. To make things worse, they try to be sarcastic and humorous and fail completely at that too.
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Their main thesis is that crypto lobbyists are influencing bills and legislation while at the same time trying to keep the industry irregulated. Is that what’s happening? Doesn’t that thesis contradicts itself? Let’s go through the Young Turks ladies’ points one by one to see if we can understand them better. But first, the video:
What Do The Young Turks Think They’re Saying?
To express coherent ideas while recording live is hard. So, to cut the Young Turks ladies some slack, let’s start with the text. The YouTube information box starts as follows:
“Crypto lobbies and lobbyists are gaining ground in their fight to profit from bills drafted with state legislators to keep the cryptocurrency market free of regulation, leading to an increase in profits for crypto executives and lobbyists.”
If a bill passes, that’s regulation. Isn’t that what those lobbyists are pushing? Regulation? Also, isn’t everyone in the United States looking to increase profits? It seems like the Young Turks are protesting about the lobbyists dictating what regulation looks like, but that framing wouldn’t drive the outrage clicks.
Later on, the info box says:
“Florida is the most recent state to adopt crypto-friendly legislation as the state recently signed a law that would make it much easier to trade and hold cryptocurrencies in the state in an attempt to draw investment into the industry in Florida.”
What’s the problem here, exactly? Regions all over the world are executing this geographical arbitrage play. Is it illegal? NO.
The info box closes with:
“Across the nation, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these made-to-order laws, before moving rapidly to profit from the legislative victories.”
Yeah, that’s what lobbyists do. Every industry under the sun is trying to influence regulation in its favor. Is it right? Maybe not, but it’s as common as bread. Crypto people didn’t create lobbying.
What Do Ana And Francesca Think They’re Saying?
The Young Turks’ bosses did these women dirty by putting them in this position. It seems like they ordered a hit piece about one of the most complex subjects around without providing any training whatsoever. Do The Young Turks’ bosses have training themselves? Because it seems like they’re as confused as the ladies.
The video starts with Ana stating the confusing thesis, crypto lobbyists are drafting laws to make sure that the industry remains irregulated? If they’re drafting laws, they’re looking for regulation, but ok. Then, she criticizes Joe Biden’s now-famous Executive Order by saying it’s just the commission of studies. Well, it’s a complex subject, and the Young Turks could benefit from commissioning studies themselves.
Then, Ana says that the laws are being left up to each State. Isn’t the United States a constitutional federal republic? Federal means that the States are sovereign. After that comes the terrible “Tales From The Crypt-o” title card, in which they use a tweet from an NFT owner who got hacked as some kind of proof that the crypto space is spooky and treacherous.
Then, the New York Times articulates what the Young Turks couldn’t. According to it, a law presented in Florida eliminates “a threat from a law intended to curb money laundering.” So, what they’re actually against is that the crypto industry is getting rid of AML laws? They’re not being too successful, then, because, as far as we can tell, every exchange in the US has AML procedures in place.
ETH price chart on FTX | Source: ETH/USD on TradingView.com
The Young Turks Think That Cryptocurrencies Are Good For Criminals
It’s Francesca’s turn, and, with the eloquence of a first-time podcaster, she says that cryptocurrencies are a new way to “do corruption,” to “steal money that is not yours,” and for “paying 17-year-olds for sex.” A ten minutes study of cryptocurrencies would’ve told the Young Turks that the blockchain is an immutable ledger. There’s not a worse medium to finance the crimes that Francesca describes.
Then, Ana insists that financial institutions need to be regulated. That’s exactly what’s being discussed, but ok. Then, she says “You should want protection. You should want to ensure that cryptocurrencies aren’t used for money laundering.” Perfect, but the people should also want banks not to be used for money laundering, and they’re not getting that either. The only way to stop money laundering is for the financial authorities to do their job and stop it. Common citizens shouldn’t suffer.
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Near the end, Francesca qualifies the whole industry as a slow-moving con or scam. As a contrasting opinion, we might qualify the industry as the most exciting development in finance and as a job-generating juggernaut that’s saving lives worldwide. Then, Francesca predicts that, in a few years, we’re going to be inundated with documentaries about the different cases in which people lost money. She might be right about that. There’s too much money involved and the average citizen is as uninformed as the Young Turks.
Do your own research and commission your own studies so that you won’t become a victim. As in the traditional financial markets, laws aren’t going to protect you from scams. Information and due diligence will.
Featured Image: Ana and Francesca, screenshot from the video | Charts by TradingView