Crypto detractor and economist Nouriel Roubini says President-elect Joe Biden and his incoming administration will crackdown on the ‘criminal cesspool’ created by cryptocurrency.
Roubini, a professor at NYU’s Stern School of Business, published an incisive tweet pushing back on the idea that governments would be unable to regulate the industry of cryptocurrency.
Crypto supporter and lawyer Jake Chervinsky said there was ‘zero chance’ that lawmakers would be able to implement on-chain anti-money laundering and know-your-customer (KYC) regulations for stablecoin payments.
Rubini called the idea ‘delusional’ and said Biden’s team, including the new pick for Treasury Secretary Janet Yellen, would crack down on the ‘cesspool’ generated by cryptocurrency, including criminal tax evasion.
Roubini’s attack followed a series of tweets he published earlier in the month on bitcoin, explaining that cryptoassets represented a bubble that would eventually crash.
The NYU professor pointed to Tether’s alleged “criminal” manipulation of the market and retail investor FOMO as being responsible for the sudden bull market.
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