From WSJopinion: Crypto trading should be regulated for what it is—a form of gambling that emulates finance—and not what its advocates tell you it is, writes Todd H. Baker
Wonder Land: The FTX founder has given effective altruism a bad name. That doesn’t mean it’s a bad idea. Images: FTX/Reuters/WSJ/Storyblocks Composite: Mark KellyBefore FTX crashed, crypto lobbyists and many politicians were complaining loudly that crypto trading was being unfairly denied full participation in banking and finance by overly cautious regulators. We should thank our lucky stars that somebody showed good sense.
Granted, crypto trading looks a lot like the forms of finance we’re all familiar with. It’s made up of things called “exchanges,” “brokers,” “lenders,” “deposits” and “hedge funds.” The financial press breathlessly reports their every move. Crypto also carries the special mystique of the blockchain, which has let traders treat critics as anti-innovation Luddites.
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