Scarce Regulators - The Daily Gwei #485
Scarce Regulators - The Daily Gwei #485
Knowledgeable crypto regulators are in short supply.
Many people in the crypto ecosystem seem to be terrified of regulators because they view them as this boogeyman who’s going to come into this industry and regulate it out of existence. Well, like with anything, there’s nuance to these discussions that need not be overlooked - especially when it comes to what the humans working at these regulatory agencies will be like.
Probably one of the greatest risk crypto faces is that these regulatory agencies will not be able to hire the right talent. I mean think about it - if someone is relatively familiar with crypto and has a relatively deep understanding of it, why would they go work for a government agency instead of a crypto-native project? If I had to answer this question myself I would say the only reason would be that they think they can effect change “from the inside” - this is of course a noble goal but the majority does not fit into this bucket.
I think generally regulatory agencies around the world are going to have a very tough time recruiting the right people for years to come. Unfortunately this probably means the wrong people are going to fill the regulatory roles which could potentially lead to very harsh regulations born out of lack of understanding. I’m not really sure how to solve this - I don’t expect most crypto-natives to ever want to work for a government - so I guess we’ll just have to wait and see how it all plays out.
On top of all of this, how are these regulators even going to keep up with everything happening in the crypto ecosystem? I mean, even crypto-natives who spend all of their time paying attention to crypto can’t keep up with it! Maybe if people could sit on Twitter all day and just vibe with the anons they could keep up? Maybe there’s already someone doing this! If there is my bet would be on Degenspartan being a government agent - he’s always using psysops to misdirect us (I’m kidding of course).
I think at this point in time it could go either way - we get some really harsh regulations due to lack of understanding or we get friendly regulations because of lobbying from crypto-native companies. I’m really not sure what it’s going to look like at this stage though I think we’ll have a clearer picture over the next 6-12 months. Though, as always, lets continue to build actually decentralized products that simply can’t be regulated - this is the only viable path of resistance.
Have a great day everyone,
Anthony Sassano
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All information presented above is for educational purposes only and should not be taken as investment advice.