The marketing director of Figment believes that excesses in the regulation of the crypto industry are unacceptable, and regulators need to know all the nuances.
Robert Ellison at the European Blockchain Conference (EBC) stated in an interview that regulators can overdo it in regulating the crypto industry. A clear understanding of cryptocurrencies is very important due to the complex nature of the crypto space:
“This is the battle we are fighting. It is interesting to observe the geopolitical balance between countries that understand cryptocurrencies and those that do not. We hope regulators really listen to those who know and learn.”
According to Ellison, in the face of uncertainty with regulation, businesses are poorly oriented in the cryptocurrency market. Despite the nebulous legal framework, some companies continue to operate and create products that are ready to be punished for non-compliance with the law.
Ellison stated that a regulatory framework is needed to popularize staking. However, the development of rules for staking is not a priority for regulators:
“Staking is pretty easy to understand. Therefore, regulators can effectively monitor the progress of any project. And this topic does not interest them at all now. ”
According to Ellison, regulators prioritize lending platforms and stablecoins. Regulators first focus on “what poses the greatest risk to the public” before moving on to less risky aspects.
Back in 2021, the UK Financial Conduct Authority (FCA) announced that it would fund the training of staff who would identify patterns of use of cryptocurrencies in illegal activities.
Source: Bits
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