American billionaire Mark Cuban believes that the deanonymization of the creators of cryptocurrency projects will not only prevent the development of innovations, but also protect users from fraud.
Owner of the Dallas Mavericks Basketball Club
wrote about it on Twitter. Cuban believes that stablecoins will be the first to “fall under the magnifying glass” of regulators. The difficulty lies in the fact that the legislatures of different countries have their own way of defining stablecoins, and this causes confusion.
Cuban asks what is the pegging of stablecoins to conventional currencies, are stablecoins really stable, and what are their risks for buyers. Cuban believes that all these details should be reflected in special standards.
The billionaire also spoke about smart contracts, calling them “the most likely sources of fraud.” He means the lack of clarity for users, when the developers of smart contracts can deliberately miss some points and hide their actions. Therefore, Cuban suggested that the creators of smart contracts will be required to undergo an audit to prove the security of the protocol and the absence of evil intentions. This means that federal authorities can prohibit the launch and use of anonymous smart contracts. Developers will have to “step out of the shadows” and reveal their identity in order to confirm the copyright for smart contracts, Cuban said.
In his opinion, the tokenomics of cryptocurrency projects also creates conditions for potential fraud. In order for users to really be sure of the accuracy of information about how tokens are sold and distributed, as well as how liquidity is generated, project creators must also disclose their identity and prove “authorship”.
“In the event of problems, the affected users will be able to make claims to a specific individual or legal entity. Disclosing the identity of the creators of the projects is the price that will have to be paid for people to be able to use cryptocurrencies without fear. This will not hurt the development of innovations and will not slow them down, ”wrote Kuban.
A few months ago, the billionaire called on lawmakers to develop regulatory requirements for DeFi projects and stablecoins following the collapse of Iron Finance’s TITAN token.
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