Could Reasonable Crypto Asset Regulation Actually Benefit the Ecosystem?

I believe the benefits outweigh the costs. Here’s why.

The purpose of this article is to convince you, the crypto asset community, that, if done properly, the right regulatory structure for crypto assets would be a net benefit for the field. I am currently raising a small amount of funding from people that want to be a part of the formation of one such non-profit Self Regulatory Organization (SRO). I believe the time is now to get going on this, and I am willing to put in the time and effort to organize and launch this organization. However, I can’t do it alone.

In terms of convincing people that regulation could actually be good for them, I know I have my work cut out for me here. This is especially true in the cypherpunk realm of cryptocurrency. No one wants to be regulated. I wholeheartedly agree with this, having seen first-hand the deleterious economic effects of excessive regulation. However, please take a few minutes with an open mind to consider the concept I describe, which is a very different approach to traditional regulation.

Right now, in 2018, the crypto asset field on a global basis is not in a good place. As a transformative technology that will change the world, crypto assets are earning a bad rap. This has manifested itself in a multitude of ways:

In short, in many ways, the current crypto asset ecosystem is giving regulators plenty of legitimate concerns to worry about. If your mission was to protect investors, wouldn’t you be concerned about all of the above? I know I would.

Some in the crypto asset community believe that investors are to blame for their loss of funds, and in some ways I agree with that assessment. However, even the smartest investor can be deceived. There is no replacement for doing your own research, of course. However, the many types of fraud, coding issues, regulatory burdens, and disrepute (as evidenced by advertising bans) are and will continue to inflict damage to the good actors, instead of only the bad. Regulators will continue to do their job to protect investors, but in so doing, the risk is very real that they will harm or create unreasonable burdens on innocent projects.

To achieve this, BTRIC is collecting tax-deductible (disclaimer: talk to your tax advisor) contributions that we will grant towards the creation and initial operations of an SRO, the working name of which is the Financial Technology Self Regulatory Organization (FTSRO).

In several ways FTSRO will be similar to the VCA, and I hope we are able to work together cooperatively in these areas. However, we strongly believe that there should be multiple SROs, not just one or two. Imagine Visa if there was no Mastercard? Or American Express? Or Discover? Alternatives keep everyone honest and prevent exclusionary organizations. FTSRO is focused on being inclusive, not exclusive.

What began as a cypherpunk movement by Satoshi Nakomoto has grown into something bigger: the realization of a restructuring of how financial markets and economic systems operate. To support this continued growth, some self-policing will provide protection against fraud and increase consumer and investor confidence, which will ultimately enhance adoption.

Support the formation of the Financial Technology Self Regulatory Organization by making a contribution toward this purpose to BTRIC. We have established a separate fund to collect contributions towards the formation and organization of FTSRO. Once the organization is formed, we will donate these funds to it. We have also secured the ftsro.org domain name (currently parked), which we will also donate to the organization. We are actively seeking people that want to be part of this organization as a member of its Board or through involvement in the committees that develop and maintain the standards listed.

Though I know many are opposed to regulations on crypto assets in general, that is not a practical reality in today’s world. Congress has decided that investors and consumers deserve protection, and I agree with that. Carefully designed self-regulatory organizations, such as FTSRO, provide a way to balance the need to be as “light-touch” and inclusive as possible with the important needs of reducing fraud and protecting consumers. In addition, SROs can advance educational and other initiatives that benefit the industry as a whole.

An SRO allows the industry to, in many ways, police itself, which many have discussed the need to do. This proposal provides a framework to moving that forward and I look forward to working with all to form and operate this organization with careful consideration of the issues and values that embody the crypto asset community.

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