Billionaire Bill Ackman Discusses Crypto Regulation — Says Industry Must Self-Police or Risks Being Shut Down
Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down. He added that regulators need more resources to police the bad actors in the crypto space and will likely take years to catch up. Bill Ackman on Crypto Regulation and the Need for Industry to Self-Police Billionaire Bill Ackman shared his thoughts on a variety of crypto-related topics, including crypto regulation, in a series of tweets Saturday. Ackman is the CEO and portfolio manager of Pershing Square Capital Management, a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). His current net worth is about $3.5 billion. Regarding cryptocurrency regulation, he 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.” The executive continued: “I suspect that existing anti-fraud and other laws already govern these violations.