The crypto policy paradox
It is impossible to command from the centre, but market participants themselves need strong regulation
It is impossible to command from the centre, but market participants themselves need strong regulation

Tensions over regulation add to geopolitical upheaval, dashing hopes of more certainty

Navigating the 21st century requires a talent for paradox

A regulatory ratchet is smothering business, households and government

Much of their time is spent appeasing and aligning competing forces

The future, like the recent past, will be shaped in the public realm

Rather than financial alchemy, such deals involve mispricing, reduced capital buffers and hidden risks