Christopher Perkins, president of CoinFund, criticized the Bank for International Settlements (BIS) for its recent report on cryptocurrencies and decentralized finance (DeFi). He described the BIS's views on crypto as a mix of fear, arrogance, or ignorance that threatens the financial industry. Perkins asserted that crypto should not be likened to communism, stating it is an evolution of the internet that democratizes access to financial services. He cautioned that the BIS's proposed containment strategy could expose traditional finance to significant liquidity risks, highlighting that the crypto market operates 24/7, unlike traditional markets. Perkins also defended DeFi against BIS's concerns regarding investor protection and anonymity of developers, claiming it offers improvements over traditional finance's opacity. Additionally, he challenged the BIS’s worries about stablecoins potentially destabilizing economies in countries like Venezuela, suggesting that they can help improve financial conditions in developing regions. Other industry leaders, such as Christian Catalini from Lightspark, shared similar criticism of the BIS report.

Source 🔗