Why do these Young Turk ladies dare to speak about such a complex topic as cryptocurrencies without doing ANY research? In the video below, both Ana Kasparian and Francesca Fiorentini read a New York Times article interpreting it as fact, while giving the dumbest comment imaginable. To make matters worse, they try to be sarcastic and funny and completely fail at that too.
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His main thesis is that crypto lobbyists are influencing bills and legislation while also trying to keep the industry deregulated. Is that what is happening? Isn’t that thesis contradicted? Let’s go through the Young Turk ladies’ points one by one to see if we can understand them better. But first, the video:
What do the young Turks think they are saying?
Expressing coherent ideas while recording live is difficult. So, to give you Young Turk ladies some slack, let’s start with the text. The YouTube info box starts like this:
“Cryptocurrency lobbyists and lobbyists are gaining ground in their fight to profit from bills drafted with state legislators to keep the cryptocurrency market free from regulation, leading to increased profits for executives and lobbyists of cryptocurrencies”.
If a bill is approved, that is regulation. Isn’t that what those lobbyists are promoting? Regulation? Also, isn’t everyone in the United States looking to increase their profits? It appears that the Young Turks are protesting that lobbyists dictate what regulation looks like, but that framing would not drive clicks of outrage.
Further on, the info box says:
“Florida is the most recent state to adopt crypto-friendly legislation, as the state recently signed a law that would make it much easier to trade and hold cryptocurrencies in the state in an attempt to attract investment to the industry in Florida.”
What is the problem here, exactly? Regions all over the world are running this geographic arbitrage game. It is illegal? NOT.
The information box closes with:
“Across the country, crypto executives and lobbyists are helping write bills to benefit the fast-growing industry, then lobbying lawmakers to adopt these tailor-made laws, before moving quickly to take advantage of the benefits.” legislative victories.
Yes, that’s what lobbyists do. Every industry under the sun is trying to influence regulation in their favor. It’s right? Maybe not, but it’s as common as bread. The crypto folks did not create the lobbying.
What do Ana and Francesca think they are saying?
The heads of the Young Turks dirty these women by putting them in this position. It seems they ordered a hit piece on one of the most complex topics without providing any training. Do the heads of The Young Turks have training themselves? Because it seems that they are just as confused as the ladies.
The video begins with Ana stating the confusing thesis, are crypto lobbyists writing laws to make sure the industry remains unregulated? If they’re writing laws, they’re looking for regulation, but that’s fine. She then criticizes Joe Biden’s now famous Executive Order saying it’s just the study commission. Well, it’s a complex subject, and the Young Turks could benefit from commissioning studies themselves.
Later, Ana says that the laws are being left to each State. Isn’t the United States a constitutional federal republic? Federal means that the States are sovereign. After that comes the awful “Tales From The Crypt-o” title card, in which they use a tweet from an NFT owner who got hacked as some kind of proof that the crypto space is creepy and treacherous.
Then the New York Times articulates what the Young Turks couldn’t. According to him, a law introduced in Florida removes “a threat of a law intended to curb money laundering.” So what they’re really up against is the crypto industry getting rid of AML laws? So they are not having too much success because as far as we know all exchanges in the US have AML procedures.
ETH price chart on FTX | Source: ETH/USD on TradingView.com
Young Turks think cryptocurrencies are good for criminals
It’s Francesca’s turn and, with the eloquence of a first-time podcaster, she says that cryptocurrencies are a new way to “corrupt,” to “steal money that isn’t yours,” and to “pay 17-year-olds for sex. ” A ten minute read on cryptocurrencies would have told the Young Turks that the blockchain is an immutable ledger. There is no worse means of financing the crimes Francesca describes.
Later, Ana insists that financial institutions must be regulated. That’s exactly what the lobbyists are trying to achieve, but that’s okay. Then she says, “You should want protection. You should want to make sure crypto isn’t used for money laundering.” Perfect, but people should also want banks not to be used for money laundering, and they’re not getting it either. The only way to stop money laundering it is for the financial authorities to do their job and stop it. Ordinary citizens should not suffer.
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Near the end, Francesca calls the entire industry a slow-moving scam or scam. As a contrasting opinion, we could rate the industry as the most exciting financial development in decades. And as a giant job creator that is saving lives around the world. So, Francesca predicts that, in a few years, we are going to be inundated with documentaries about the different cases in which people lost their savings and all that. She could be right about that. There is too much money involved and the average citizen is as uninformed as the Young Turks.
Do your own research and commission your own studies so you don’t become a victim. As in traditional financial markets, laws will not protect you from scams. Information will and due diligence.
Featured Image: Ana and Francesca, screenshot from the video | Charts by TradingView