Says the commercial command of Crypto A16z

When Commissioner Hester Hester goes on February 21, entitled “None of the Logman of Remindrance Statement.

The sec Published A formal application for information open to public income on how a Crypto assets should be sought and managed as computations. This was the first invitation for the wider ecoscellaneous to help shape the rules.

In response, on 13 March, he submitted herreturez recommendation (A16z) a proposal submitted around what it requires the ” This comment is: If network is open, independent, it is now under a central group, then it should not be treated not options.

It is a grace concepulation – powerful, structure, and apparently in logic. But as I entered the information and talked to experts, including Alice Fri, security leader and compliance at Toweet PRA more complex picture began to appear.

As the proposal offers a possible method “,” Not everyone is sure it will give up anywhere good.

The promise – and the problem – of the management of technology of technology

One of the framework of the framework of A16z is the view that Crypto rule should be the right to “unemployment” and “neutral”. ” If Crypto token is a traditional assets – can, a portion or connection – should be dealt with – it should be treated in the same way by law.

But Fre is seeing disconnect.

“Technology method feels faith in the theory. However it is not just contrasting their own economic and active buildings.”

She indicated how each major innovation in CRYPTO wasted in CRYPTO negotiation, ethnoin by making a downturn, confidentiality, with the property of confidence, and defi.

“They are not just new shops for an old asset. They come with completely different risk models mean Crypto is seemingly – not what it's.”

Code is not driving the markets

Another key argument is in the proposal of A16z proposal if tacking design is well placed in a pre-programming and independent of the value as third-party approaches. And if that's true, he would not pass the weey test.

In accordance with the Laidic, that logic will not mourn them in modern locks.

“Just because prizes are held automatically removed the marketplace not the market … there are no more.”

She indicated to Bitcoin prices for example. This code may be predictable – a fixed supply, windy bike – but the valuation varies smooth levels, the valuing rating, and even the valuing of viral.

“Look at Terra. Her comprehension of the complete status of the attainment was self full, full to keep the PHAG. Billions were not rescued.

Against the opposition to 'endarff-based on a' control '

One of the most proper parts of A16 is the expression: Sumping based in control. Depending on the framework, if there are effective, economic control, and have been considered, there should be enough consideration, considered to be decorated as well, the current network should be considered.

However, freshly challenged the opinion that distribution can measure distribution.

“They manage a dispute around already controlled control of control. But when you start pick up lists to make a danger definitely defined, you will make a risk of a landlord's devolution.”

In use, she explained, most medieval systems are still in key areas of the impact. Developers controls update. Regulatory markings often focused in early in- museum's hands. And infrastructure such as exchanges and warders.

“The true spread is a spectrusion,” she said. “It is not a new check box. And pretending to be the opening the door opening the picture but does not keep up in reality.”

That might be there

The production of huge, Friai's fee, will notice the proposed framework may be proposed – especially without tight enforcement standards.

“You may have a project that views the outside distribution, but there are still in pulling the strings.”

This might mean token emissions that appear space but are coordinated at the back of the scenes. Or rule structures that appear to demonstrate democratic but are designed to make decisions making decisions to some points of making decisions. Or protocols that move long enough to provide a governance test, just to recycle later under different names.

“If we are not careful,” she said, “This will come to be a guide for a regulatory arbitrage.”

Where are we going from here?

To be clear, Frei will not send back the attempt behind the proposal of a16z. Like many in the industry, it welcomes the discussion and agree the need for strong clarity. But it is decided that the framework is based on a hard friendlier checklist can be similar to a precious Crypto landscape.

“Feumaidh sinn modail a tha a 'gabhail thairis air an ùr-ghnàthachadh a' tachairt san àite seo,” thuirt i, “ach cha tug iad fa-near dyamaman daonna, eaconamach, eaconamach, eaconamach, agus riaghlaidh ga dhràibheadh.”

That means that these technology is not used – it changes as funds themselves. It means to recognize that the emotional markets, not mechanical. And it means to handle a shade like a mobile target, it's not a box of tick.

In terms of the second, a difficult work now consists of some to turn these views into turning this policy. Whether the A17 is the framework of the last picture, one thing is clear: the conversation is only started.

“The aim is not just regulating Crypto,” FreI told me how we wrang up. “It's to do it in a way that protects people – not pretend that this place is not.”

And maybe, just, there is probably a means out here – but only though we are honest about where we are starting.