CoinFund President Christopher Perkins Slams BIS Crypto Report: "Dangerous and Uninformed!"

Perkins Fires Back at BIS's "Containment" Strategy

Hold onto your hats, crypto fans! Christopher Perkins, the fearless leader of CoinFund, just dropped a bombshell on the Bank for International Settlements (BIS). He's not holding back on their latest paper about crypto, calling their recommendations "completely uninformed and frankly, dangerous."

The BIS report, titled "Cryptocurrencies and decentralized finance: functions and financial stability implications," acknowledges the growing clout of crypto with the rise of ETFs, stablecoins, and tokenized assets. But Perkins isn't having it. He's vehemently against their "containment" approach to regulating our beloved digital currencies.

"Crypto is the New Internet, Not Communism!"

Perkins didn't mince words, folks. "Guys, crypto is not communism. It's the new internet that provides anyone with access to financial services," he declared. He's rejecting any comparison to Cold War containment strategies, saying, "You cannot control it anymore than you control the internet."

The BIS just dropped their new paper, but Perkins is here to set the record straight. He's seen the future, and it's not what the BIS is preaching.

From Lehman Brothers to Crypto Crusader

Perkins isn't just talking the talk; he's walked the walk. He was right in the thick of it as a trader at Lehman Brothers during its epic collapse in 2008. Now, he's warning that artificially separating traditional finance from crypto markets could spell disaster. He's convinced that forcing a division between the 24/7 settlement power of crypto and the old-school time-restricted system would "lead to the next systemic crisis."

Modernize, Don't Isolate: Perkins' Call to Action

Instead of this so-called "containment," Perkins is calling for a revolution. He wants to see traditional financial systems modernized to work hand-in-hand with blockchain tech. "Capital rules should not 'contain' public blockchains—they should encourage them!" he shouted from the rooftops. He's pushing for regulation that updates legacy systems, not isolates the new kids on the block.

Challenging BIS's Conclusions: DeFi, Anonymity, and Stablecoins

But wait, there's more! Perkins isn't done challenging the BIS report. He's taking aim at their concerns about information asymmetries in decentralized finance (DeFi). He's questioning their criticism of anonymous DeFi developers, pointing out that traditional financial institutions don't exactly publish their developers' names either.

And when it comes to stablecoins, Perkins is flipping the script on the BIS's worries about macroeconomic instability in places like Zimbabwe and Venezuela. "If there is demand for USD stablecoins and it helps improve the condition of anyone in the developing world, perhaps that is a good thing?!" he exclaimed. He's standing up for the right of people worldwide to access basic financial services, no matter their country's monetary stability.

So there you have it, crypto warriors! Christopher Perkins is not backing down from his fight against the BIS's misguided approach. He's here to defend the future of finance, and he's not taking prisoners!