US is one of the most important countries for the crypto industry, but it does have numerous regulatory issues. In the absence of a clear legal framework, different agencies fight over jurisdiction, with the SEC adopting an increasingly aggressive stance.
However, the existing structures may not be ready to leave their authority to code, and - at least on first stages - both traditional and blockchain-based laws must coexist.
The better way to phrase the question is: how do we best protect the crypto industry against regulators? How do we ensure it remains a permissionless, trustless ecosystem?
Maybe if we phrase it this way, we can get better answers.
Happy to have a deeper debate on my podcast about the right strategy, feel free to reach out to me: niklas@infinitafund.com
Good article.
Except for sentence #1. Well, technically correct.
But I’d argue: the regulators are the biggest risk to the stability of the industry.
The best regulation would be by code, and through voluntary adoption.
Without the SEC or any of the other federal alphabet soup agencies.
These do more harm than good, predictably.
Niklas, you are not wrong :)
However, the existing structures may not be ready to leave their authority to code, and - at least on first stages - both traditional and blockchain-based laws must coexist.
Hence the need for regulations, in our opinion.
There is a risk that regulations damage a lot of progress in the industry.
I don't know the correct answer, but it's a risky play. I think Erik Voorhees is correct here: https://www.moneyandstate.com/blog/sophistry-and-the-savior
The better way to phrase the question is: how do we best protect the crypto industry against regulators? How do we ensure it remains a permissionless, trustless ecosystem?
Maybe if we phrase it this way, we can get better answers.
Happy to have a deeper debate on my podcast about the right strategy, feel free to reach out to me: niklas@infinitafund.com