- “We don’t need more government regulation,” Peter Schiff stated.
- The global economist and strategist called for a free market and “ending the Federal Reserve.”
- For Schiff, competition for reputation and profit and loss are better regulators.
Chief Economist and Global Strategist Peter Schiff took to Twitter and stated, “We don’t need any more government regulation.” He added that there is a need for more free market regulation and personal responsibility.
We don’t need more government regulation. We need more free market regulation and personal responsibility. Let’s end #Fed, government stimulus, subsidies, guarantees, and bailouts. The #NYSE #began in 1792. The #SEC wasn’t created until 1934. We’d be better off without it.
— Peter Schiff (@PeterSchiff) November 20, 2022
In detail, he mentioned that the New York Stock Exchange (NYSE) was founded in 1792. Meanwhile, the Securities and Exchange Commission was not established until 1934. According to Schiff, let’s end the Federal Reserve, government stimulus, subsidies, guarantees, and bailouts. We were better off without it.
This tweet is inspired by those calling for more government regulation in the wake of the SBF and FTX scams. The beauty of free market capitalism is that it regulates itself. Competition for reputation and profit and loss are better regulators than easily captured bureaucrats.
In response to his tweet, several Twitterati expressed their opinions. One user named Vincent said: “This is why decentralized cryptography was invented. It regulates itself.”
On the other hand, CryptoRish replied to Schiff saying so. “I agree that we are better off without the SEC, although I was not aware of any meaningful regulation in crypto. I think minimal regulation is fine, certainly no more than less.”
Furthermore, another user MichaelBoldin shared his thoughts speculating that “for all we know, the SBF was just a tool to get more people on board with more government regulations.”
Furthermore, SoundMoney has expressed that the solution is sound private money with no banks or governments in between. A truly liberal world of trading! Gold cross crypto! “
The debate for and against cryptocurrency regulations has divided the cryptocurrency market, with increasing volatility, fear, uncertainty, and doubt about the rally among netizens.
Peter Schiff’s post “We Don’t Need More Government Regulation” first appeared in Coin Edition.