Regulatory Capture Concerns: South African Central Bank Criticizes Crypto Push
South African Reserve Bank Governor Lesetja Kganyago criticized crypto lobbyists at the World Economic Forum for pushing governments to add Bitcoin to their reserves. Questioning why Bitcoin is prioritized over other assets like platinum or coal.
He warned that intense lobbying risks “regulatory capture,” where industries overly influence regulators. Kganyago’s remarks followed Coinbase CEO Brian Armstrong’s claims that a pro-Bitcoin government could attract investors. While Armstrong argued that crypto firms’ involvement in U.S. elections reflects democracy in action. Kganyago cautioned against regulations shaped by financial power.
Clever Robot News Desk 24th January 2025
