Crypto regulation is still one of those areas authorities are struggling at. Crypto companies and founders in the space are calling this out and are demanding better laws. The biggest problem with these regulations is the lack of transparency. Recently, even the Anchorage co-founder said there is “no clarity” on crypto regulations with so many different regulators out there. This has to change if the authorities want this new industry to flourish.
Anchorage co-founder on regulatory clarity
Diogo Monica, the co-founder and president of Anchorage Digital, has recently called for more transparent crypto regulations in the United States. There is still hardly any clarity, and we have already seen how there is a disconnect between authorities and companies. For example, while the SEC should aim to protect investors and guide companies, they are trying to hunt down companies by pressing lawsuits.
The co-founder also pointed out that Singapore has much clearer regulations than the US, and there is a day and night difference between them. It is also one of the reasons that Singapore was ranked number 1 on the most crypto-friendly countries list a while back. But what makes things different for Singapore? Well! it’s just that they have only one crypto regulator, which is the MAS (Monetary Authority of Singapore). They handle everything, so there is zero disconnect and high transparency. Companies also know that any problem they face or any doubt they have will be handled by MAS.
Comparing it to the US, Diogo said that there are no clear guidelines on where digital assets belong to. There is also the problem of multiple regulators who make contradicting statements making things tough for companies to follow. He also pointed out that politicians are even labeling web3 as left and right-wing, which is very wrong.
So, what’s next?
There is a need for the industry also to become more focused and have a concentrated approach. Investors must also become more skeptical and discard the idea that the markets only go up. Diogo pointed this out, saying that people should have figured out what was going on with the Luna ecosystem.
What are your thoughts as Anchorage co-founder says there is “no clarity” on crypto regulation? And do you think that the US authorities will change things? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: EU lawmakers plan blockchain use to fight tax evasion.
