Today a regulation in crypto is inefficient
On several occasions various experts, professionals and renowned people have expressed their disagreement with the existing regulations and the desire to regulate cryptocurrencies and Blockchain technology.
The main reason for their rejection is that they do not adjust to changes in the market, stating that the evolution related to ICOs, methods of transactions and changes in the chain occur faster than the rules imposed by any entity.
Recently, in the Code Conference , in California, one of the heads of Coinbase raised the idea that any regulation today will fade in a few months or years, due to how static they are in such a dynamic world. The person in charge of expressing his rejection was Kathryn Haun, expressing his opinion and the position of Coinbase.
In his speech, he compares the current situation of cryptocurrencies with the origin of the Internet, stating that he also tried to apply inefficient regulations, which in the end had to be modified or eliminated. He emphasized that the rules began to be effective almost a decade after his invention.
In this last point he stopped to explain the reason for its efficiency, summarizing it in a simple idea: the regulators need to know what they regulate.
Although it seems redundant, it shows how those in charge of managing the world of cryptocurrencies do not know their nature or behavior, they have merely an abstract idea of this world, this causes that any regulation applied today is inefficient; his colleague Mike Lempres, Legal Head of Coinbase, states his position that the US regulatory system today is damaging healthy innovation, causing biases in development.
It should be noted that her position does not refer to the fact that regulations will never exist, she states that it is currently harmful to apply regulations, but in the future, once understood, the regulations could even nourish the virtual currency market.