Showing posts with label Congress. Show all posts
Showing posts with label Congress. Show all posts

Sunday, March 06, 2022

The Purpose Of Crypto Regulation

The primary purpose of crypto regulation ought to be to make innovation and business possible. There are plenty of operations that call themselves crypto but are shady, deceptive, and outright fraudulent. It is for regulation to protect the true innovators from those that give the space a bad name. Weed out the bad guys.

There is great danger that Barnes And Noble might attempt to hobble Amazon because, in 1994, Barnes And Noble had gobbles of money, and Amazon had none, and Capitol Hill is pay as you go. In 2009 we saw Wall Street walk away with murder. The moneyed interests of the old might get in the way of the new. And their nefarious attempts might have the legitimacy of misguided regulation. The new innovators have to get into the political fight. They have to be part of the debate. They have to be in the arena. They have to show up on the Hill, and they have to show up in the court of public opinion.

The primary purpose of crypto regulation ought to be to make business possible.

There is a line of thought, and I subscribe to it, that America is a different kind of country. I am plenty critical of the US political system as it exists today, it is an imperfect union, but at the bottom of it I do believe America is an idea, this oldest modern democracy carries the unique responsibility of holding the torch in the far corners of the world. You could spend 700 billion dollars every year on guns and trillions on forevermore wars, you could spend hundreds of billions on diplomacy, or you could, at no direct cost to you, let crypto do the work of empowering individuals everywhere. The Blockchain is about empowering individuals everywhere, and this is much more fundamental than voting rights. The suggestion is that the individual right here in the US is not sufficiently empowered. The entrenched status quo will come by the way of regulations to stop the unstoppable work of empowerment. And that worries me.

It is said when they first started making movies, they would simply capture plays with movie cameras. It was some time before they realized the movie can be its own product. Blockchain native products and services can not be captured with regulations that were designed for the previous era unless the idea is to suffocate the innovation.

I think the best way to regulate will be to bring the cat to the table. The top 100 crypto companies around the world by market cap should form a consortium, perhaps to be called Blockchain100, that will each send a Chief Policy Officer to it, and together they will suggest laws and regualtions to national parliaments around the world, of course, to be debated by elected officials and the general public, but spearheaded by those in the know. Because ultimately it is about the consumers. The most successful crypto products, by definition, will be those that are effortlessly understood.

How do you solve identity? Most people on the planet lack identity that they can take to the bank. How do you solve credit history? The dollar a day people are the best at paying loans, but nobody gives them loans. How do you solve that? Sidewalk businesses around the world have no bookkeepers, and because they don't, they can't go to banks and get loans. How do you make it possible for their excellent businesses to easily get loans? The SEC is not even asking those questions. Crypto has the solutions. And so the SEC should know when to stay out of the way.

The Blockchain is a concrete promise that every single transaction can be completely traced. That is not a place where criminals can go to hide. That is a place where criminals will find it impossible to hide. But we don't want a surveillance regime. And so regulation will have to be able to do it just right. That is a challenge. Engineers are not lawmakers. We pay lawmakers fat money. They might as well rise up to the challenge. They should know when to lead, follow, or get out of the way. Or we should hire a new set.

The Blockchain will take democracy to every country. The SEC, the IRS, the CFTC, FinCEN, the OCC, and that entire alphabet soup does not even have it in their vocabulary to attempt something like that. The thing is, the Blockchain is unstoppable. Regulatory agencies don't want to be like the emperor who went to the banks of a flooding river and asked it to stop. He thought emperors are supposed to command, and the commands will be obeyed.





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Thursday, June 10, 2010

Randi For Reshma


Dear Paramendra,

My name is Randi Zuckerberg. I was born and raised in New York, attended school in New York City, and currently lead political, media, and non-profit initiatives for Facebook. Like you, I'm very excited that Reshma, at age 35, can become the youngest woman in the House of Representatives.

Reshma truly embodies the qualities of a candidate for this generation: young, energetic, whip smart, and compassionate. I've been very impressed with Reshma's smart use of social media, fully integrated into her campaign. Reshma listens to her constituents, empowers her supporters to help spread key messages, and uses Facebook and other powerful tools to include everyone in the political process.

No matter where you live, supporting candidates like Reshma is important to all of us. Please help to spread Reshma's message to everyone you know!

How can you help?

1) Connect with Reshma on Facebook at http://www.facebook.com/reshma2010 by clicking on the "like" button

2) Once you "like" Reshma's Page, click "suggest to friends" link under Reshma's photo and invite your friends to support Reshma as well.

3) Update your status on Facebook with a link to Reshma's Page by typing @Reshma and choosing Reshma's Page in the drop down menu that pops up. (very cool feature that not too many people know about!)

4) Make a contribution to ensure that Reshma's campaign keeps gaining momentum! Every donor counts, no matter how big or small.

5) Sign up to petition and help get Reshma on the ballot!

6) Be responsible for getting five people you know in New York registered to vote and out to the polls on September 14th.  


Thanks so much for your support -- I could not be more excited to support such a smart, talented, accomplished woman on her journey to Congress. We'll see you on Facebook now, and in Washington soon after!

Best,
Randi

P.S. Please read Reshma's smart op-ed in The Huffington Post today about education: "Don't Just Reform Our Schools...Transform Them"

Support the campaign by making a contribution and volunteering.
Signup for email updates at reshma2010.com, or stop receiving email updates here.
You can also follow @reshma2010 on Twitter or Facebook.


Reshma Saujani: Don't Just Reform Our Schools .... Transform Them (The Huffington Post)
..... performance-based teacher evaluations and expanding the cap on charter schools ...... New York's children lost out on the first opportunity to secure $700 million in essential educational funding. ....... We are on the verge of graduating the first generation of Americans that will be less literate than the one before it. ...... we need to move past 20th century battles and get serious about 21st century transformation. ...... I wouldn't be running for Congress if my public school teachers didn't let me stand on their shoulders and see the world. ....... . In New York City, teachers are given lifetime tenure after only three years of teaching and layoff decisions are made on the basis on tenure, not performance. ...... I propose creating a Teachers to the Top program to provide Race to the Top grantees with supplemental teacher training in data management, performance tracking, and technology. In addition, we must re-balance our evaluation system from a high-stakes "testocracy" to one that more holistically measures student growth and performance. ...... Another myth is that reform is about charters schools versus traditional schools. ...... Charter schools are publically funded institutions that are privately operated, with stricter data-driven accountability and usually a non-unionized environment. ..... I propose creating RAISE, or the Readying all Instructors and Schools Exchange, an online platform facilitated by the Department of Education to promote collaboration and best practice sharing of successful instructional and school management strategies among all schools. ...... 21st century skills, such as technological fluency, financial literacy, and foreign language training. ....... ensure that every child participates in arts, music, and physical education classes and has access to healthy meals and after-school programs. ..... an era when new industries can emerge, evolve, and dissolve in one lifetime, learning cannot stop at high school - or even college. We must re-conceptualize workforce transition and continuing studies education. .......


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