Editor’s note: Silvina Mosini is an entrepreneur specializing in the digital economy. He is the executive producer of Unicorn Hunters and the founder and president of UniCoin, the next-generation cryptocurrency. The views expressed in this commentary are solely those of the author. See more opinions at CNNE.com/opinion.
(CNN Spanish) –– For more than a decade, the crypto market earned the name „Wild West” because it operated without any laws. Many of its protagonists, regardless of their size and the scale of their actions, moved so comfortably that there seemed to be no boundaries in sight. But now, as a teacher BloombergLooks like Sharif’s turn has come.
Since recently demands v. United States Securities and Exchange Commission (SEC) Various sites exchange CryptocurrenciesTalk of that free, unregulated and occasionally troubled „Wild West” has been put back on the table, and some are questioning the utility of having legal frameworks to level the playing field and establish accountability.
Opponents of any hint of ordering forget that regulations tend to enable technologies rather than hold them back. This is shown by Internet history: call „Dot Com Bubble” The explosion resulted from speculation and lack of legislation, but The Internet continued to improve both technologically and commercially. In any case, the players of its first phase (Altavista, MySpace, etc.) gave way to others who, thanks in part to better regulations, innovated and expanded globally (Google, Facebook, among others).
There is no reason to believe it will be any different with cryptocurrencies. It is true that its fury, irresistibly disorganized and biased toward anonymity, acted as an accelerator of innovation. In the long history of money, the cryptocurrency side will be credited with the innovation that blockchain technology has imposed on fundamental issues such as decentralization and security. But it’s important to recognize that the initial disruption that sharpened creativity today is a somewhat confusing landscape, enabling opaque mechanisms like the one that led to FTX’s collapse in November last year.
In the crypto scenario of 2023, the “music” of regulations begins to be heard in all latitudes, although it is true that nuances matter. On the other side of the Atlantic, the European Parliament approved April 20 The Cryptoactive Markets Act, (MiCA), which will come into force in 2024 and requires companies in the sector to operate with a licence, but with a higher level of protection for investors.
Meanwhile, in Washington, the ambition to regulate was consolidated Specific actions from SEC Against some of the most important platforms in the crypto ecosystem. While a section of the industry believes this will erode confidence in the crypto world in general, the measures are aimed at clarifying concepts and responsibilities. When do we talk about currency and when do we refer to tradable security? What is – or should be – the relationship between issuers of crypto assets and the platforms on which they are exchanged? These and other questions take the form of regulations (Europe) or judicial proceedings (US), but in essence they seek to remove uncertainty and provide greater transparency.
In this context, the „sheriff’s face” is less important than his motives and motivations. All steps in the direction of regulating new financial products will help spread them and democratize access to investments. It is true that financial education also has a fundamental role in this sense, but learning is not possible without the rules of the game that regulate the board.