Instead of taking it all metaphysically, but exactly teeth Cipher?
That is, for regulatory purposes. Regulators’ decisions on whether to classify cryptocurrencies as securities, commodities, or something else entirely are critical to the future of the trillion-dollar industry that many see as defining the next wave of internet technology. important to
When I spoke with Agostino Capponi last week, Associate Professor, Columbia University As the founding director of the Columbia Center for Digital Finance and Technology, Washington argued: need to take a completely new one approach. Gain more insight into what this new class of digital assets looks like and how crypto regulators need to be computer scientists as well as economists to be truly effective I called him back to find out.
If you were the emperor of digital asset regulation, how would you classify crypto assets?
If you want to think of crypto as an asset class, the first point is that there is a very large and complex taxonomy of tokens. We must think about how to regulate large classes of assets rather than single assets.
After Bitcoin, think about UNI. Governance token issuance By Uniswap. When you hold Bitcoin, you have a volatile cryptocurrency that you can use to make payments and trade on DeFi exchanges. Holding a Uniswap token allows you to participate in decisions about network changes and the direction of the Uniswap project.
Another example is stablecoins and non-stablecoins. In stablecoins, the value of a currency depends on the collateral used to back the asset. We have to think of a completely different regulatory regime.
Given the reasons for traditional financial regulation — Anything an agency like the SEC is meant to do to create stability and protect consumers — What would that look like for cryptocurrencies?
This ecosystem should take into account the regulation of the software that receives all transactions.of Distributed ledger technology — this is based onsmart contract” – It must be carefully certified and verified so that only users with credentials can be sure that they are starting new projects on the blockchain. You also need to make sure that
Most current regulatory systems are based on regulating individual entities or tokens, but for cryptocurrencies, we need to regulate the flow of transactions on the blockchain rather than those specific entities.
The existence of blockchain seems to empower engineers and computer scientists who understand the technology, making regulatory expertise less relevant in the traditional financial system.
i agree with that. New regulators of the crypto ecosystem need to be educated on technology. Otherwise, the risks are so peculiar that there is no way to regulate them.
The risk of hacking is so low that we never thought about technology risk when thinking about stock and bond regulation, but crypto assets have changed.
Another point is that these markets are open 24 hours a day, 7 days a week, so new regulations may need to be created. A new agency created specifically to regulate crypto assets that operate without interruption may be required.
federal reserve system We made the regulatory landscape for crypto a mere a bit Although less vague, the partisan political lines around the issue have become clearer.
Sam Sutton of POLITICO late yesterday Report on Pro subscribers Regulators should be informed about the new guidance issued to American banks by the Federal Reserve before they officially get involved with crypto in any way. An official letter from the banks stated that these banks “face potential legal and consumer compliance risks” and that they ensured that any cryptocurrency activity was “legally permitted”. It states that due diligence must be exercised to ensure that (“Final guidanceIt went public on Monday, opening the door for cryptocurrency companies to create “master accounts” like traditional banks would have to deal directly with the U.S. government. )
But the more government agencies like the Federal Reserve (Fed) create these seemingly neutral rules, the more opportunities for partisan interaction.Thursday, a group led by Senators Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) sent a letter He called on the Office of the Comptroller of the Currency to rescind Trump-era guidance that allowed banks to trade with cryptocurrency companies.And yesterday Senator Pat Toomey (R-Pennsylvania) his own letter The FDIC claims it is “acting inappropriately to discourage banks from doing business” with cryptocurrencies.
Tech accessories company Logitech announced today a new headphones It’s meant to link to Meta’s Quest 2 headset, plunging users into “the Metaverse’s biggest moments and smallest details” (at least according to the ad copy).
We’ve talked a lot in this newsletter about the importance of high-quality visuals to the Metaverse, and the computing power and networks needed to sustain them across potentially thousands of users. But what about sound? Virtual spaces are much more conducive to speech as the primary form of communication, as opposed to text.Choppy, erratic audio can be crude or uncanny valley style Avatar.
Coincidentally, an old-school metaverse pioneer recently turned his attention to exactly this problem. When the Second Life founder spoke with Philip Rosedale this summer, he explained why he decided to co-found it. high fidelityis a spatial audio company that aims to create more immersive audio for the Metaverse, with the very basic goal of getting more out of its users. comfortable In a lifelike virtual environment, they say, “VR headsets, whatever the technology, weren’t ready to bring humans into space in a fair and inclusive way.”
If people end up spending a significant amount of time in virtual spaces, accessories like Logitech headphones can be a cheaper gadget than a quality-of-life investment.
- Lyft announced on Tuesday: auto taxi It’s available on the Las Vegas Strip, but not without a human backup driver in tow.
- “Hey Google: make me a hamburger”
- major bitcoin miners Mining rig liquidation It’s the latest sign of the impact of the cryptocurrency downturn on the nascent industry to reduce its debt.
- A 36-year-old quadriplegic set a record Spent the longest time with a brain-computer interface that greatly increased his mobility.
- the government Deemed private satellite Part of America’s critical infrastructure?
Stay in touch with the entire team: Ben Schlekinger ([email protected]); Derek Robertson ([email protected]); Constantine Cacaes ([email protected]); When Heidi Vogt ([email protected]).follow us @Digital Future on Twitter.