Bill Ackman, the CEO and founder of Pershing Square Capital Management, believes crypto is here to stay despite the recent collapse of FTX. Looking at the ongoing turmoil in the broader market, he feels there is a need to increase oversight and remove fraudulent actors in the space.
Ackman had recently called for the removal of regulatory barriers and easing regulations in New York to make the city a crypto hub. The billionaire says that with proper oversight and regulation, crypto has the potential to greatly benefit society and grow the global economy. He believes that crypto technology, like the invention of the telephone and the internet, will improve in terms of its ability to facilitate fraud. Ackman said unethical promoters can create tokens simply to facilitate pump-and-dump schemes.
The executive outlined that the vast majority of crypto coins are used for fraudulent purposes than for building legitimate businesses. Ackman says with proper oversight from industry leaders, fraudulent actors can be eliminated. He explained that all legitimate participants in the crypto ecosystem should be highly incentivized to expose and eliminate fraudulent actors as they greatly increase the risk of regulatory intervention which will set back the positive potential impact of crypto for generations.
Ackman, who turned an enthusiast from a crypto skeptic, believes digital assets can greatly benefit society and grow the global economy. It can be very much useful for the formation of businesses and technologies that before now could not be created. Ackman said the ability to use a token to incentivize participants in a venture is a very powerful lever in accessing a global workforce to advance a project.