Crypto and the Rulebook: Finding Common Ground

Crypto and regulations have a complicated relationship. This was the main topic discussed at a recent gathering in Washington, D. C. during the Fintech Week event. Three experts in the crypto field shared their thoughts on how crypto projects can operate safely while following the rules. One of the biggest challenges is determining responsibility. If something goes wrong, who should be held accountable? The creators of the project or the users? This is a tough question with no straightforward answer. Yaya Fanusie emphasized the importance of risk management. Creators need to be ready for potential issues like money laundering or other illegal activities. Lee Schneider agreed, noting that both creators and regulators ultimately want the same thing: to protect users' money. Maha El Dimachki suggested that regulations should focus on preventing harm. This approach would allow creators to build their projects without too many obstacles. However, creating rules that work for everyone is not easy. Crypto projects are global, and regulations vary from country to country.Another concern is what happens if someone modifies a project and uses it for illegal purposes. Should the original creators still be held responsible? These are the kinds of questions that keep everyone on their toes. The experts agreed that creators can take steps to stay on the right side of the law. But the details are complex, and there is no one-size-fits-all solution. So, can crypto and regulations coexist? It's a work in progress, and there's still a lot to figure out. Crypto projects often face a dilemma: how to innovate while following the rules. This is especially important in a global context where regulations vary widely. The experts agreed that creators can take steps to stay on the right side of the law. But the details are complex, and there is no one-size-fits-all solution.