1/ When regulation arrives too late, policymakers push the best innovators out by failing to provide them with clarity. That’s what is happening in the United States with crypto, and comes at the risk of the country squandering its lead.

2/ It also ironically helps projects that are comfortable breaking the law, as we have seen with the FTX scandal.

Co-Founder & Chief Strategy Officer at Lightspark. Founder MIT Cryptoeconomics Lab. Previously: Co-Creator of ≋ Diem / Libra.

3/ The excuse, at least from the SEC, is that rules written in 1933 and a framework for financial markets designed when we relied on open outcry trading, physical stock certificates and prices rolled out on ticker tape do not need any updating.