After reading the FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets, some of the essays are as follows
The $3 trillion cryptocurrency market is attracting about 1/5 of adult Americans to invest, and the size of the market is shocking; The TerraUSD crash brought me back to my fears and ultimately convinced me that consumer and investor protection is paramount, especially in the current moment, where the gap between cryptocurrency veterans and novices cannot be ignored. I think the need for regulation is another topic, depending on the industry education that users receive.
In my opinion, education should be more important than regulation. A good education allows people to bypass the pitfalls by following the “don’t trust, verify” strategy, and these people can innovate and contribute more. I’m a little concerned that the White House report focuses on regulation and protection, not education.
For example, regulators such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expanding their teams and focusing on the costs of the following six topics:
1. Issuance of crypto assets;
2. Crypto asset trading;
3. Crypto asset lending and pledge products;
4. Decentralized Finance (“DeFi”) platform;
5. Non-Homogeneous Tokens (“NFTs”);
I believe that with the extensive efforts of the regulatory team, a completely new regulatory framework will be established. But what if these efforts are spent on education? For example, build a sandbox for volunteers to teach, debate, test, and educate each other. Because according to my observation, cryptocurrencies that are only 10 years old have brought much more innovation than the traditional financial industry, which has been under regulation for 20 years.
Another problem is that teams of experts with traditional backgrounds carry too many legacy issues and, like me, are susceptible to the shackles of a regulatory-friendly mindset, where the cycle goes on…