Crypto and the Rulebook: Finding Common Ground
Crypto projects and rules don't usually mix well. But can they find a way to work together?
This was the big question at a recent chat in Washington, D.C. during the Fintech Week event.
Experts Weigh In
Three experts shared their thoughts on this tricky topic:
- Maha El Dimachki
- Yaya Fanusie
- Lee Schneider
They talked about how crypto developers can keep their projects safe and sound while also following the rules.
Who's Responsible?
One big issue is who's responsible if something goes wrong. Should developers be held accountable for how people use their projects? It's a tough question, and the answer isn't simple.
Managing Risks
Fanusie thinks it's more about managing risks. Developers should be ready for any problems that might pop up, like money laundering or other shady business.
Shared Goals
Schneider agreed and added that both developers and regulators want the same thing: to keep users' money safe. So, maybe they're not so different after all.
Focus on the End Goal
El Dimachki suggested that rules should focus on the end goal: stopping bad stuff from happening. That way, developers can build their projects without too many restrictions.
The Global Challenge
But here's the catch: it's not easy to make rules that work for everyone. Crypto projects are global, and rules vary from place to place. So, can a truly decentralized project follow all the rules in every country? That's still up for debate.
Forked Projects and Responsibility
And what if someone builds their own version of a project and uses it for bad things? Should the original developers still be responsible? These are the questions that keep people up at night.
Steps to Stay Compliant
The experts agreed that developers can take steps to stay on the right side of the law. But the details are complicated, and there's no one-size-fits-all answer.
Is Compliant Crypto an Oxymoron?
Maybe not. But it's a work in progress, and there's still a lot to figure out.
