According to some sources, Lee Reiners, an ex-employee at Federal Reserve Bank, New York demanded that the cryptocurrencies and the digital assets industry should be put to an infinite halt by regulators.
Reiners, currently a lecturer at Duke Law School, thinks that the current cryptocurrency crash condition was obvious after Bitcoin, the world’s leading cryptocurrency, ceases to bring success as “digital gold” in times of high inflation.
The has channeled plenty of other analysts by claiming that the biggest crypto bull run to date was driven entirely by the ultra-loose policy that enabled excessive. Now that the has started at a rapid pace to tame, is underperforming together with other risky assets.
Many other analysts now believe the cause, one that was promoted by this fintech expert. He claimed that the world’s topmost crypto company at present was led completely by the central bank’s super lenient monetary laws that allowed several speculations. Currently, with the Fed accelerated towards hiking rates at a high speed to control inflation, Bitcoin isn’t equipped enough to pick up the pace with its assets at risk. Not to mention that Crypto itself cannot support cash transactions as it has no such fundamentals.
Reiners also questioned how the blockchain technology, does not have a single “killer use case” regardless of the fact that Bitcoin, its main component, has been in existence since 2009.
Later, the fintech professor also pointed a finger against the people belonging to the crypto industry who constantly argue for regulatory clarity, stating that the real motive behind it is to actually get a euphemism for “favorable” regulation.
Reiners has hit back against the Lummis-Gillibrand cryptocurrency bill, which targets to put the Commodity Futures Trading Commission (CFTC) as the primary crypto lead while neutralizing the formidable Securities and Exchange Commission (SEC) altogether. The Duke lecturer claimed that the CFTC has a light-touch way to crypto authorization, providing the industry with all essentials it would require.