Sedate clashes broke out between the leaders of the cryptocurrency industry and banking supervisory authorities in dealing with the growing cryptocurrency market.
President Coinfund, Christopher Perkins, called the bank for international settlements (bis) of the last recommendations regarding the regulation of “dangerous” cryptocurrencies for the entire financial system.
Bank regulators press the “limitation” of cryptographic markets
Bis published report On April 15, entitled “Cryptocurrencies and decentralized finances: functions and implications of financial stability”, which called to the strategy of isolating the digital currency from established finances.
Perkins shot on April 19 via post on X (previously Twitter), suggesting BIS recommendations resulting from “a mixture of fear, arrogance or ignorance” and are “completely uninformed”.
. @Bis_org I have just published a modern article “Cryptocurrencies and decentralized finances: implications of financial function and stability”. The good news is that the authors are finally aware that progress in crypto (including the boost in ETF, Stablecouins and the tokenized real world …
– Christopher Perkins
Nyc (@perkinscr97) April 19, 2025
The heart of the dispute is the BiS approach to coping with cryptocurrencies and DEFI (Decentralized finances). According to the report, the banking regulatory authority became interested because investments in this field “achieved a critical mass”, making investors to “significant concern for regulatory bodies”.
The industry expert warns about the “unimaginable scale” of risk
Perkins rejected the approach to stopping the encore, stating clearly: “Krypto is not Communism.“Instead, he described digital assets as” new internet, which provides everyone with access to financial services. “
According to Perkins, an attempt to isolate digital currency markets can turn dramatically. He warned that such a policy would expose established finances at the risk of liquidity of “unimaginable scale”. This danger exists because cryptographic markets work constantly, while established financial markets close after commercial hours.
“If they are implemented, they will cause that they do not alleviate the system risk that they try to prevent,” said Perkins in his answer.
The debate focuses on the anonymity of programmers, Defi’s transparency
The BIS report has expressed a special concern with the anonymity of Defi programmers. Perkins questioned this goal, asking: “I’m sorry, but when the last time a Tradfi The company has published a list of its programmers? “
He argued that DEFI actually represents a “significant improvement” in relation to what he called the “coverage” of established financial systems. While public companies present some disclosures, Perkins noticed that “they seem to die in favor of private markets.”
Stablecoin fears rejected by Bitcoin supporters
The bank organs also aroused alarms Stablecouinssuggesting that they can lead to “macroeconomic instability in countries such as Venezuela and Zimbabwe”.
Perkins replied this view, suggesting that “if there is a demand for Stablecouins and helps to improve the condition of everyone in the developing world, maybe it’s a good thing.”
A distinguished picture from Getty Images, Chart from TradingView
