Cointelegraph’s managing editor Alex Cohen interviewed Figment’s staking advertising director Robert Ellison on the European Blockchain Conference (EBC) 2022. The duo mentioned subjects like educating regulators on blockchain and crypto, how companies navigate unsure regulatory landscapes and regulating staking.
In line with Ellison, it is essential to teach regulators within the house to mitigate the dangers of their going overboard with out understanding the fundamentals. The Figment govt talked about that clear understanding is essential due to the difficult nature of the house. He defined that:
“That is the battle we’re preventing, and it is attention-grabbing to see that steadiness geopolitically to some international locations versus others, and we hope that they only actually pay attention and be taught.”
Other than educating regulators, the duo additionally spoke about how companies navigate the house amid regulatory uncertainty. Some firms choose to go forward with their tasks and would fairly apologize later fairly than permission upfront. Ellison mentioned that:
“I believe that is a enterprise sentiment the place you apologize. You are not going to attend. You possibly can’t wait. You bought to maneuver ahead. A few of that’s extra dangerous.”
Ellison additionally commented that some areas present extra certainty for companies than others. Citing wrapped property for instance, the Figment govt defined that if you happen to’re in America, stepping into wrapped property is a “riskier transfer” since you’re undecided if it might get regulated quickly.
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When requested if a regulatory framework is critical for staking to go mainstream, Ellison famous {that a} framework for staking could be very achievable. Nonetheless, the staking advertising director mentioned that laws for staking aren’t a precedence for regulators. He highlighted that:
“It’s achievable as a result of staking, itself, is sort of straightforward to know in some regards of what you are truly doing. However to reply your second query, I truly do not suppose it is a precedence in any respect.”
In line with Ellison, lending platforms and stablecoins are on the checklist of priorities for regulators. He famous that at present, staking will not be on that precedence checklist as regulators put “what’s the most danger to the general public” of their focus earlier than they transfer on to the much less dangerous facets of crypto.
