“When you have large financial sums in secret, you have risks of money laundering, risks of supporting criminal activity, risk of innocent people being ripped off,” he said.
Crypto enthusiasts would do well to embrace government regulation of the industry, according to former US Treasury Secretary Lawrence Summers.
Given the large financial sums involved in crypto, it is unrealistic for the industry to expect to operate in secrecy without government oversight, Summers said in an interview on Bloomberg TV. He made a comparison to the airline and automobile sectors, which would not be viable without being regulated.
