Bill Ackman said what on the Need for Crypto Regulation and Industry Self-Policing

By Pragya kumar Bilagar

images: google

The cryptocurrency sector must self-regulate, according to billionaire Bill Ackman,

or it runs the risk of being shut down. He also said that it will probably take years for authorities to

catch up since they need more funding to monitor the negative actors in the cryptocurrency field.

In a series of tweets on Saturday, Bill Ackman discussed his opinions on many crypto-related subjects, including crypto regulation.

Ackman is the CEO and portfolio manager of Pershing Square Capital Management, a U.S. Securities and

Exchange Commission-registered investment adviser (SEC). His estimated net worth right now is $3.5 billion.

Regarding cryptocurrency regulation, billionaire Bill Ackman said: “I am not sure we need new rules.

Much of the fraud that is taking place is old-fashioned pump and dump schemes,

and failures of custodians to protect customer assets. I suspect that existing anti-fraud and

other laws already govern these violations. We just need more enforcement. ”