Lawrence Summers says crypto industry should embrace regulation: Bloomberg

"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," former Treasury Secretary Lawrence Summers told Bloomberg in an interview. The crypto market shouldn't be considered a "libertarian paradise" that are immune to government regulations, but enthusiasts would do well to embrace a regulatory framework on the industry, "not just for the protection of consumers but protection of themselves," Summers said. He compares the crypto industry's lack of regulatory oversight to that of the airline and automobile sectors, which wouldn't be viable without being regulated. Bitcoin (BTC-USD -3.9%) appears to have found intraday support at $41K, now trading at $42.2K, after earlier dropping when China's central bank declared crypto transactions illegal. Earlier, SkyBridge's Anthony Scaramucci said the most recent crypto drop, triggered from China's crackdown on crypto transactions and mining, is a buying opportunity.