Comment by disgruntledphd2

4 months ago

I mean, he is correct though. The laws exist and financial institutions need to follow them, or else Binance happens.

4 comments

disgruntledphd2

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lmm  4 months ago

Financial institutions are far from passive bystanders in the legal process that creates those laws, much less the regulatory process that applies them in practice. Binance is frankly probably the lesser evil at this point.

  • disgruntledphd2  4 months ago

    > Financial institutions are far from passive bystanders in the legal process that creates those laws, much less the regulatory process that applies them in practice. Binance is frankly probably the lesser evil at this point.

    Ok, help me understand here. Like, the laws are passed by governments. The financial institutions complain but comply to some extent. How does this benefit said financial institutions? Or am I missing something here?

    • lmm  4 months ago

      > Like, the laws are passed by governments.

      Sure, but do you think the government writes them themselves? Without any input from the industry?

      > How does this benefit said financial institutions?

      One of the best ways to get ahead in finance is to get a regulation passed that's easy for you to comply with but hard for your competitors. That's what drives a lot of the laws.

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