Stephen Diamond was quoted in about blockchain and cryptocurrency, and the need for Congress to regulate them. The quotes came from a recent Protocol webinar that Professor Diamond was a panelist on.

Stephen Diamond, a law professor at Santa Clara university, called the platform “an unstable environment filled with fraudulent bad actors.” To underscore his point about instability, he said that during the short time elapsing between the webinar’s promotion and its airing live, the total value of cryptocurrency had halved from $3 trillion to $1.5trillion.

He added that “Congress and regulators may be doing too little too late”” and warned that if cryptocurrency was not brought under state supervision, there could be a financial crash caused by a mass run on banks.