Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.
Users will likely demand cash-like privacy protections for central bank digital currencies, which may be thwarted by regulations. However, new technology solutions may enable high degrees of privacy while complying with regulations.
If the past year of enforcement actions shows anything, it's that financial regulators are comfortable using existing rules to investigate and prosecute crime in crypto.
Crypto's three pillars of ownership, control and interoperability are likely to resonate with policymakers the most, writes Josh Rosenblatt of Co:Create.
With tight regulations already in place that helped insulate FTX Japan and its investors from heavy losses, Japan is working on policy and guidelines for stablecoins, NFTs and DAOs as it welcomes a crypto future.
The 300 members of South Korea’s National Assembly are currently considering 17 separate crypto-related proposals, from which they hope to shape the Digital Asset Basic Act.
Maybe Congress should separate custody from exchange, the way it severed Wall Street from commercial banking nearly a century ago. This piece is part of CoinDesk’s Policy Week.
Crypto services may need to look more like the institutions regulators are already familiar with. Rather than saying they deserve to be part of the financial system, they’ll need to show it.