Global Regulators vs. Maeve (Our 3-Year-Old Niece)

TL;DR

World regulators try to suit Web3 know-how and ideologies into previous regulatory frameworks – and it’s not matching up too properly.

The initiatives they’re attempting to manage have no one individual or entity controlling them (they’re decentralized).

The answer? IOSCO and different regulators have to create new regulatory frameworks & tips to suit this new know-how.

Full Story

World Regulators are reminding us of our favourite 3-year-old, Maeve.

(One our the author’s nieces).

Maeve likes to play with this (☝️) block matching recreation – take the sq. peg, match it to the sq. lower out…

Nicely, The Worldwide Group of Securities Commissions (IOSCO) is taking part in the same recreation, however they preserve attempting to (metaphorically) put a spherical peg right into a sq. gap.

Particularly, they’re attempting to suit Web3 know-how and ideologies into previous regulatory frameworks – and it’s not matching up too properly.

Their essential request of regulators is to seek out the person(s) behind particular DeFi initiatives or protocols, mainly simply asking:

“Hey, if we might have only a level individual to speak to, then we are able to suit you into previous frameworks and be executed with it.”

Bada-bing, bada-boom. Performed and dusted.

Besides!!!

These initiatives have no one individual or entity controlling them (they’re decentralized).

Which means the accountability of sustaining operations is shared between automated code and the undertaking’s broader person base.

The answer?

IOSCO and different regulators have to create new regulatory frameworks & tips to suit this new know-how.

In any other case we’re simply going to be attempting to suit sq. pegs into spherical holes – and that does not work.

(Simply ask Maeve).