This morning at stupid o'clock, Elon Musk of Tesla and SpaceX fame said he was a supporter of bitcoin. Its been a long time coming and he's been pretty busy building rockets etc, but its great to have a support from him in the space. Crypto is real, and you're still pretty early if you're reading this.
The question still remains how regulators will address this asset class.
Its amazing as the barrier to entry is so low. All you need is 12 words and access to a smartphone or internet browser.
It's scary as ML and TF activities aren't fully bottomed out yet, event though the asset is the most transparent on the planet (or possibly even beyond).
Regulators have traditionally regulated centralised firms, entities and people not communities and herd thinking. So finding a way that can green light controls for this space is really hard.
Thankfully we have some bright people being appointed to the crypto regulation space.
https://twitter.com/HesterPeirce is one of our favourites, and she will be joined by Gary Gensler, who has a few more grey hairs now compared to the DFA days. Just wait until he experiences crypto - https://mitsloan.mit.edu/ideas-made-to-matter/biden-sec-pick-gary-gensler-fintech-regulation-and-blockchain
Regulation is coming, same same but different. It starts with AML, next comes surveillance and finally conduct measures. The challenge will always be how far to you extend regulations to the development community for building open source code? The challenge that I see is that its right that creators are rewarded, and with crypto if you have an idea that changes society, you can get paid very well indeed.
I hope the world moves to support the creators, people that add value to the world are our only hope. Its not about efficent markets per se, but about building tools for the world so that everyone can start to build themselves a little spot. We each do our part. If you cant build crypto, build something on top. #MoneyLegos
