Financial Guru: Cryptocurrency Observation of Note

January 27, 2021

Years ago I ran across an orthogonal financial thinker named Nouriel Roubini, a consultant, financial type, and professor at New York University. He wrote an essay called the “Great Crypto Heist.” The essay is behind a paywall dutifully constructed by the estimable Financial News of London wizards. With digital currency in the news, I spotted a passage in the essay I found interesting. Herewith is the snippet:

It is high time that US and other law-enforcement agencies stepped in.So far, regulators have been asleep at the wheel as the crypto cancerhas metastasized. According to one study, 80% of “initial coinofferings” in 2017 were scams. At a minimum, Hayes and all theothers overseeing similar rackets from offshore safe havens should beinvestigated, before millions more retail investors get scammed intofinancial ruin. Even US Secretary of the Treasury Steven Mnuchin –no fan of financial regulation – agrees that cryptocurrencies mustnot be allowed to “become the equivalent of secret numberedaccounts”, which have long been the preserve of terrorists,gangsters, and other criminals.

Are regulators asleep at the switch?

Stephen E Arnold, January 27, 2021


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