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 (Robert Ellison) at the European Blockchain Conference (EBC) in an interview said that supervisory authorities can overdo it in regulating the crypto industry. A clear understanding of cryptocurrencies is very important because of 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 which do not. We hope that regulators are really listening to those who know and learning.”
According to Ellison, in the face of uncertainty with regulation, businesses are poorly oriented in the cryptocurrency market. Despite the vagueness of the legal framework, some companies continue to operate and create products that are ready to be punished for non-compliance with the law.
Allison said 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 work of any project. And this topic does not interest them at all now.”
According to Ellison, the priority of regulators is credit platforms and stablecoins. Regulators primarily pay attention to “what poses the greatest risk to the public” before moving on to the less risky aspects.
Back in 2021, the UK Financial Conduct Authority (FCA) announced that it would fund the training of personnel who would identify patterns of using cryptocurrencies in illegal activities.
#Robert #Ellison #urged #supervisors #learn #regulate #cryptocurrencies