The Young Turks Embarrass Themselves Trying To Discuss Crypto Regulation


Why do these young Turkish ladies dare to speak on a topic as complex as cryptocurrencies without doing ANY research? In the following video, both Ana Kasparian and Francesca Fiorentini read a New York Times article interpreting it as fact while making the most pointless comment imaginable. To make matters worse, they try to be sarcastic and humorous and completely fail to do so.

Related literature | Crypto Needs Regulation If It’s Going To Survive, Says SEC Boss

Their main claim is that crypto lobbyists influence bills and legislation while trying to keep the industry deregulated. Is that what’s happening? Doesn’t that statement contradict itself? Let’s go through the Young Turkish 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?

It is difficult to express coherent ideas while recording live. So, to give the ladies of the Young Turks some leeway, let’s start with the lyrics. The YouTube information window starts like this:

“Crypto lobbies and lobbyists are gaining ground in their battle to take advantage of bills drawn up with state lawmakers to keep the cryptocurrency market free from regulation, leading to an increase in profits for crypto executives and lobbyists.”

If a bill is passed, it is regulation. Isn’t that what those lobbyists are urging? Regulation? Isn’t everyone in the United States also looking for more profit? It seems that the Young Turks are protesting the lobbyists who dictate what regulation looks like, but that framing wouldn’t increase the outrage.

Later in the info box it says:

Florida is the most recent state to pass 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 effort to boost industry investment in Florida. to pull.”

What exactly is the problem here? Regions around the world are running this geographic arbitration game. Is it illegal? NEW.

The info box closes with:

“Across the country, crypto executives and lobbyists help draft bills in favor of the burgeoning industry, then push lawmakers to pass these made-to-order laws, before acting swiftly to capitalize on the legislative victories. “

Yes, that’s what lobbyists do. Every industry under the sun is trying to influence regulation in its favor. Is it right? Maybe not, but it’s as common as bread. Crypto people have not lobbied.

What do Ana and Francesca think they are saying?

The bosses of the Young Turks made these women dirty by putting them in this position. It seems like they ordered a hit on one of the most complex topics out there without providing any training. Do the bosses of The Young Turks have any training themselves? Because it seems like they are just as confused as the ladies.

The video opens with Ana making the confusing statement: crypto lobbyists are legislating to ensure the industry remains deregulated? When they make laws, they look for regulation, but okay. She then critiques Joe Biden’s now-famous Executive Order, saying it’s just the job of studies. Well, it’s a complex subject, and the Young Turks themselves could benefit from having studies conducted.

Then Ana says that the laws are left to each state. Isn’t the United States a constitutional federal republic? Federal means that the states are sovereign. Then comes the horrific title card “Tales From The Crypt-o” in which they use a tweet from an NFT owner who has been hacked as some sort of proof that the crypto space is haunted and treacherous.

Then the New York Times articulates what the Young Turks couldn’t do. According to the report, a bill presented in Florida “eliminates a threat from a law designed to restrict money laundering.” So what they are actually against is crypto industry abolishing AML laws? So they are not too successful because, as far as we can tell, every exchange in the US has AML procedures.

ETH Price Chart on FTX | Source: ETH/USD on TradingView.com

The young Turks think cryptocurrencies are good for criminals

It’s Francesca’s turn, and with the eloquence of a new podcaster, she says cryptocurrencies are a new way to “tackling corruption”, to “steal money that isn’t yours” and for “paying 17 year olds for sex.” A ten-minute lecture on cryptocurrencies would have told the Young Turks that the blockchain is an immutable ledger. There is no worse medium to fund the crimes Francesca describes.

Next, Ana insists that financial institutions need to be regulated. That’s exactly what the lobbyist is trying to achieve, but okay. Then she says, “You should want protection. You have to want to make sure that cryptocurrencies are not being used for money laundering.” Perfect, but people should also want banks not to be used for money laundering, and they are not getting them. The only way to stop money laundering is for the financial authorities to do their job and stop it. Ordinary citizens should not suffer.

Related literature | Dubai World Trade Center Becomes A Crypto Regulatory Hub

Towards the end, Francesca qualifies the entire industry as a slow scam or scam. To the contrary, we could qualify the sector as the most exciting development in finance in decades. And as a job-creating juggernaut who saves lives worldwide. Then Francesca predicts that in a few years we’ll be inundated with documentaries about the various cases of people losing their savings and all that. She may be right about that. Too much money is involved and the average citizen is just as ignorant as the Young Turks.

Do your own research and have your own studies done so you don’t become a victim. As in traditional financial markets, laws will not protect you from being scammed. Information and due diligence will.

Featured Image: Ana and Francesca, screenshot from the video † Charts by Trading Display

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