Renegade Pandas: Opportunities for Cross Border Cooperation in Regulation of Digital Assets
Remarks before the SUSS Convergence Forum: Inclusive Blockchain, Finance, and Emerging Technologies by Commissioner Hester M. Peirce in Singapore on July 30, 2019.
"Innovators explore the world on the other side of the fences of conventional wisdom and experience by thinking about new ways to solve old problems. They find cheaper, better, safer, and faster ways to get things done. For regulators, such fence-jumping can be unwelcome. It is easier to deal with entities that we know doing things in ways with which we are familiar than to confront new technologies with new players and think about how those technologies and market participants fit within our regulatory scheme. We would rather turn on the PandaCam to get a glimpse of the staid and predictable black-and-white pandas than head into the outside world to see what those adventurous red pandas are up to. Yet, innovation in blockchain and cryptocurrency has forced us to look beyond the PandaCam and challenged us to think about how better to accommodate innovation in general. Because so much of the activity is taking place outside the United States, we have to think about our regulation with a sensitivity for cross-border considerations, cooperation, and what I call co-learning." Read more with the link below.
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Renegade Pandas: Opportunities for Cross Border Cooperation in Regulation of Digital Assets |