Emmanuel Macron on crypto: ”I don’t believe in a self-regulated financial sector”

In a recent interview, the French president emphasized the importance of the digital economy. Nevertheless, Macron expressed his support for the pan-European approach to financial technology regulation. Responding to a sequence of questions about digital economy, Web 3.0 and crypto, the incumbent President declared:

“It represents \[…\] an opportunity not to be missed \[…\] for France and Europe to lead the future generations of the web. But it is also a social and societal challenge.”

Commenting on the recent European Parliament regulations of crypto, Macron said:

“I don’t believe in a self-regulated financial sector. This would be neither sustainable nor democratic. It is up to the public authorities to define the right conditions to allow the sector to develop in confidence while encouraging innovation.”

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What do you think about these statements?

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38 thoughts on “Emmanuel Macron on crypto: ”I don’t believe in a self-regulated financial sector””

  1. Yeah easy to acknowledge something… doing something about it other than regulation would love to see some ideas and imagination.

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  2. In a way he is right, imagine banks regulating themselves (more than they do). It would be the year 2008 all over again when the house of cards collapsed

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  3. They want crypto, but they want to take advantage of it for themselves; the club George Carlin talks about. They don’t want ordinary people like you and me getting wealthy and free.

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  4. I wouldn’t trust a word that comes out of Macron’s mouth, slippery, slimy, character that wouldn’t know the truth it came and bit him on the ass.

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  5. Political official who imposed a vaccine passport mandate on his own citizens says he doesn’t believe in decentralization. Go figure.

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  6. He acknowledges the technology which is good.
    Regulations are necessary as well to get big institutional money.

    It may go against the original sense of crypto but it could help the whole sector to grow.

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  7. I wouldn’t be surprised if in a few hundred years people will look back at these kind of statements just like we look back at monarchies who didn’t want to leave control over religion to the people.

    State and finance/currency will separate. Technology makes this almost inevitable.

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  8. He hates losing control. I imagine that he don’t believe in a self-regulated justice sector either. ![gif](emote|emo_pack_1|i_dunno)

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  9. I don’t have an issue with regulation or KYC. Financial institutions need tight regulation because they handle enough capital to disrupt normal societal functions, even more when you factor in the various forms of leverage (see: 20-30x circa 2008).

    I do have an issue with countries banning crypto or unduly taxing crypto (in relation to fiat). That’s just outright fear on the part of politicians and whales.

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  10. Mes maîtres banquiers m’ont dit qu’ils ne croient pas à la finance autorégulée puisqu’ils ne peuvent pas recevoir de paiements d’intérêts, donc je ne crois pas à la finance autorégulée.

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  11. I think it sounds adversarial but would advise against putting him in a box, throwing in all the anti-crypto connotations and calling it a day. I wish more people would see adversarial criticisms as things to be challenged and not just dismissed. By the very nature of being new technology it’s assumed many of us are playing catch up in terms of learning. So when any politician says something, I’d rather hear the responses than glib dismissals.

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  12. Different cryptos work different ways. Some have voting systems weighted by the amount of holdings in a given person’s or organization’s wallet. If that’s not capped or controlled somehow, then yeah… all the power is in a few people’s hands and that’s not democratic. He’s definitely generalizing though; the variations across the crypto space should not be so casually generalized.

    Also, the sustainability of crypto is still very much in question. And I don’t think he’s just talking about environmental sustainability, though that’s a small part of it. He’s talking about the ability and willingness of the public sector to maintain a stable culture and system of trade. That’s a question that can only really be answered after multiple decades of reliable growth. Yes, there’s been a decade so far, not that’s not enough to give the kind of reassurance to the average person that I’m talking about. Compare that to traditional stocks, which have literal centuries of history to look at and analyze and rely upon. This is really the root question, the reason why crypto is so volatile… because your average person doesn’t know for sure if this whole asset type will still be around twenty years from now, and they don’t want to be left holding the bags if it fails.

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  13. Imagine a world where there is no regulation… won’t be better, won’t be worst. Only humankind stupidity will still rules the world.

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