Bill Ackman, the billionaire investor, discusses cryptocurrency regulation, claiming that the industry must self-police or risk being shut down.

In a series of tweets on Saturday, billionaire Bill Ackman discussed a variety of crypto-related topics, including crypto regulation.

Ackman is the CEO and portfolio manager of Pershing Square Capital Management, a U.S. Securities and Exchange Commission-registered investment adviser (SEC). His current net worth is estimated to be around $3.5 billion.

In terms of cryptocurrency regulation, he stated, “I’m not sure we need new rules.” Much of the fraud is old-fashioned pump and dump schemes, as well as custodian failures to protect customer assets.”

“I suspect that existing anti-fraud and other laws already govern these violations,” the executive continued. We simply require more enforcement.” According to Ackman:

More resources are needed for regulators to police bad actors. Regulators will, unfortunately, take years to catch up, and they may never catch up. As a result, the crypto industry must self-police and root out bad actors or risk being shut down.

Following the collapse of FTX, a major cryptocurrency exchange, earlier this month, many people have called for tighter cryptocurrency regulation.

Some, including Mark Cuban and Robert Kiyosaki, have emphasized that the FTX meltdown is not a crypto failure. The SEC, Chairman Gary Gensler, FTX co-founder Sam Bankman-Fried, and centralized finance, according to US Congressman Tom Emmer, are all to blame.

Ackman continued, “Crypto remains the Wild West because the same safeguards as registered security offerings do not exist,” elaborating:

As a result, the character, reputation, and track record of management teams and sponsors of crypto-based businesses are extremely important when deciding which projects to support.

“Crypto is here to stay,” the billionaire said last week, “and with proper oversight and regulation, it has the potential to greatly benefit society and grow the global economy.” “All legitimate participants in the crypto ecosystem should therefore be highly incentivized to expose and eliminate fraudulent actors as they greatly increase the risk of regulatory intervention, which will set back crypto’s positive potential impact for generations,” he added.