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US regulator Anchorage co-founder: ‘Clarity is what we want’

According to Diogo Monica, when it comes to cryptocurrency regulation in the US, there are “15 different regulators” and it is “fundamentally unclear.”

Diogo Mónica, co-founder and president of Anchorage Digital, has called for clarity on U.S. regulation, but the politicization of Web3 technology and the industry’s lack of concerted effort have left regulation unclear. It says it will remain.

Speaking to Cointelegraph ahead of the company’s expansion into the Asian market, Monica said the experiences of Singapore and U.S. regulators are day and night.

“Singapore, it really is a breath of fresh air […] It’s very different to have one regulator,” Monica said, adding that the country’s central bank, the Monetary Authority of Singapore (MAS), “talks about everything,” regardless of the type of asset. I was.

While in the United States, he believes there is “fundamentally no clarity” with little information about where assets are legally fit, and even if companies understand the rules governing their assets, “I know very few regulators who actually have to be involved,” he added.

“We have 15 different regulators, all battling in the public eye for control of the industry and making conflicting statements. is required.”

Mónica said the US has made Web3 a partisan issue, politicized the technology, and classified it as left or right wing. [about the] technology. “

“I don’t know how we did this, but it should be bipartisan. It shouldn’t be ‘blue’ or ‘red’, it should be ‘gold’ in Bitcoin’s case, right?” Digital Gold”, so it should be that color. “

He believes the industry’s lack of a “focused and coordinated approach” in communicating certain aspects such as environmental, social and corporate governance (ESG) messages plays a role. . problem.

“Of course, there are many unenforced errors,” Monica added, noting specifically the US Securities and Exchange Commission (SEC) crackdown on celebrities who promoted cryptocurrencies.

Related: Encryption and Decentralization Could Affect Voters in the 2022 US Midterm Elections: Report

He also referenced the collapse of the Terra ecosystem and how the industry “should have self-regulated” beforehand by being more explicit about what an algorithmically stable coin is.

“A lot of people knew this. The code was open source. We all knew what was going on. I was able to reach it.”

Mónica believes people were “settled” into a pattern of thinking that “things just go up, things just get better”, adding that now “we’re paying the price”. increase.

Anchorage provides infrastructure that enables institutions to store, exchange, and stake digital assets, and other Web3-related services. In January 2021, we are the first crypto company in the United States to receive a national crypto banking license.

US regulator Anchorage co-founder: ‘Clarity is what we want’

Source link US regulator Anchorage co-founder: ‘Clarity is what we want’

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