Time for Crypto to Make Nice With Regulators
If you still think cryptocurrency can thrive best within the ambiguous, ill-defined, geographically varied and relatively lax regulatory system, you haven’t been paying attention. With the spectacular failures of TerraForm Labs’ LUNA/UST and Celsius, the systemic fallout from the liquidity challenges at Three Arrows Capital and the erasure of almost $2 trillion in value from crypto markets, it should now be clear to all that this industry needs better, clearer and consistent rules. Whatever comes next must be good for the industry as a whole – the developers, the businesses and most importantly, the users. We need regulation that makes the entire ecosystem more stable and secure, yet which also enables innovators to develop projects that realize the true benefits of decentralization and that give users greater autonomy and sovereignty. The good news is that, despite the understandable alarm that recent events have sowed among some policymakers, a growing cadre of regulators recognizes the positive potential of cryptocurrencies, digital assets and blockchain technology and genuinely wants to be constructive.
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