Young Turks girls are so bold to discuss a complex topic like cryptocurrencies, even though they have not done ANY research. Ana Kasparian (left) and Francesca Fiorentini (right) read an article in the New York Times, interpreting it as fact. They then give the most absurd commentary that you can imagine. Even worse is the fact that they attempt humor and sarcasm, and completely fail.
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They claim that the main idea behind the report is that the crypto lobbyists have been influencing legislation and bill writing while simultaneously trying to keep the sector regulated. Is that what’s happening? Doesn’t that thesis contradicts itself? Let’s go through the Young Turks ladies’ points one by one to see if we can understand them better. First, let’s watch the video.
What Do The Young Turks Think They’re Saying?
Recording live can make it difficult for you to express your thoughts coherently. So, to cut the Young Turks ladies some slack, let’s start with the text. You can find the YouTube information box here:
“Crypto lobbies and lobbyists are gaining ground in their fight to profit from bills drafted with state legislators to keep the cryptocurrency market free of regulation, leading to an increase in profits for crypto executives and lobbyists.”
If a bill passes, that’s regulation. Isn’t that what those lobbyists are pushing? Regulation? Also, isn’t everyone in the United States looking to increase profits? It seems like the Young Turks are protesting about the lobbyists dictating what regulation looks like, but that framing wouldn’t drive the outrage clicks.
Later, you will see the following information box:
“Florida is the most recent state to adopt crypto-friendly legislation as the state recently signed a law that would make it much easier to trade and hold cryptocurrencies in the state in an attempt to draw investment into the industry in Florida.”
What’s the problem here, exactly? All over the world, regions are engaging in this kind of geographical arbitrage. It is illegal. NO.
The information box ends with:
“Across the nation, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these made-to-order laws, before moving rapidly to profit from the legislative victories.”
Yeah, that’s what lobbyists do. Each industry is trying to change regulation. It’s not right. Maybe not, but it’s as common as bread. Crypto people didn’t create lobbying.
What Do Ana And Francesca Think They’re Saying?
The Young Turks’ bosses did these women dirty by putting them in this position. They seem to have ordered a piece on one of the most complicated subjects without any training. Do The Young Turks’ bosses have training themselves? Because it seems like they’re as confused as the ladies.
Ana begins the video by explaining that Crypto Lobbyists have been drafting laws to keep the crypto industry regulated. If they’re drafting laws, they’re looking for regulation, but ok. Then, she criticizes Joe Biden’s now-famous Executive Order by saying it’s just the commission of studies. Well, it’s a complex subject, and the Young Turks could benefit from commissioning studies themselves.
Ana then states that each state is responsible for its own laws. Isn’t the United States a constitutional federal republic? Federal is the American sovereign. After that comes the terrible “Tales From The Crypt-o” title card, in which they use a tweet from an NFT owner who got hacked as some kind of proof that the crypto space is spooky and treacherous.
Then, the New York Times articulates what the Young Turks couldn’t. According to it, a law presented in Florida eliminates “a threat from a law intended to curb money laundering.” So, what they’re actually against is that the crypto industry is getting rid of AML laws? They’re not being too successful, then, because, as far as we can tell, every exchange in the US has AML procedures in place.
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Cryptocurrencies, say the Young Turks, are good for criminals
It’s Francesca’s turn, and, with the eloquence of a first-time podcaster, she says that cryptocurrencies are a new way to “do corruption,” to “steal money that is not yours,” and for “paying 17-year-olds for sex.” A ten minutes study of cryptocurrencies would’ve told the Young Turks that the blockchain is an immutable ledger. There’s not a worse medium to finance the crimes that Francesca describes.
Ana then insists on the need for financial institutions to be regulated. That’s exactly what’s being discussed, but ok. Then, she says “You should want protection. You should want to ensure that cryptocurrencies aren’t used for money laundering.” Perfect, but the people should also want banks not to be used for money laundering, and they’re not getting that either. Financial authorities must do what they can to prevent money laundering. Common citizens shouldn’t suffer.
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Francesca calls the entire industry a con- or scam at the end. As a contrasting opinion, we might qualify the industry as the most exciting development in finance and as a job-generating juggernaut that’s saving lives worldwide. Then, Francesca predicts that, in a few years, we’re going to be inundated with documentaries about the different cases in which people lost money. It’s possible she is right. There’s too much money involved and the average citizen is as uninformed as the Young Turks.
Do your own research and commission your own studies so that you won’t become a victim. As in the traditional financial markets, laws aren’t going to protect you from scams. Due diligence and information will.
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