Fiction crosses the line into the real world in the TV series “Paper Empire,” created by director and producer Robert Gillings. The show follows the story of Laurence Fintch and the vague yet intriguing world of cryptocurrency. The TV show’s plot takes you on a captivating ride as Laurence’s financial cons are exposed, and shown the lengths one will go to for wealth and power. The series highlights the risks that are involved with such new, not yet understood forms of currency.
Cryptocurrency is regarded as the future of the financial world. However, there is still plenty to learn about the world of crypto. “Paper Empire” puts a spotlight on the new financial frontier, all while luring viewers in with its action-packed plot and intriguing characters.
Coincidentally, Gillings’ storytelling closely mirrors real life current events that are shaking up the crypto world. Most notably, the current trial against Sam Bankman-Fried, the founder and CEO of the crypto exchange FTX.
Similarly to Laurence Fintch of “Paper Empire,” Sam Bankman-Fried went from crypto billionaire to accused fraudster. Both laundered billions of dollars in an elaborate Ponzi scheme, only to have their crimes exposed and the empires they built begin to crumble. However, Laurence Fintch’s actions do not have direct effects on the real life financial world of cryptocurrency, which is where his similarities to Sam Bankman-Fried end.
In a recent statement, Gillings emphasized the necessity of establishing clear regulations for the world of cryptocurrency. He firmly believes that the current landscape of digital assets lacks essential definitions and regulations. As the Sam Bankman-Fried case unfolds, Gillings underscores the importance of differentiation between various forms of digital assets and the urgency of effective regulation.
Gillings comments, “You can’t regulate through enforcement after the fact or through victim impact statements,” highlighting the inadequacy of attempting to regulate cryptocurrency reactively. Waiting until issues arise and then enforcing regulation is not a viable approach to managing this rapidly evolving financial sector.
He goes on to stress that the first and most critical step is to define what a digital asset is. The ambiguity surrounding the classification of digital assets, whether as securities, commodities, currencies, or property, leads to a disjointed regulatory system. He states, “Define it, then you can regulate it.”
The ongoing Sam Bankman-Fried case, Gillings believes, is not an indictment of cryptocurrency. Instead, “it’s a case against fraud in a crypto casino.” He hopes that this case will serve as a catalyst for the creation of “real bills to pass through Congress that can successfully regulate and provide structure and safety to the public.”
