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Bloomberg Markets live from New York, focused on bringing you the most important global business and breaking markets news and information as it happens.
Ultimate Fighting Championship has long dominated the world of mixed martial arts. But UFC’s effort to swallow up competitors has triggered a class action by fighters who claim it’s abusing its power. Now a key court victory threatens the organization’s very business model.
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A blueprint for regulation runs roughshod over the desires and interests of people building or using crypto services.
Crypto deserves better.
Photographer: Archive Photos/Getty Images
Aaron Brown
Two US senators, Republican Cynthia Lummis of Wyoming and Democrat Kirsten Gillibrand of New York, unveiled last week a 69-page blueprint for regulating digital assets. Although the rough draft is unlikely to result in any legislation until 2023 or later and is certain to be modified, its fundamental premise represents a bipartisan consensus in Washington. In the words of the senators, “it’s important to create guardrails,” to which they added, “while also allowing room for innovation to flourish.”
But you only build guardrails after choosing the path. The only “room for innovation” is to change lanes within the guardrails or to pick a speed between the posted minimum and maximum. No innovation is allowed in the direction, path or destination.
