Crypto experts: when dealing with humans, “we need some rules”

Finance and crypto experts spoke about the future of industry regulation on a panel at the CryptoCompare MJAC London Blockchain Summit, discussing the prospects of a ruleless landscape versus a regualted one.

Simon Taylor, Blockchain Practice Lead at 11:FS, said: “I lived through the financial crisis too, and I absolutely agree that we need an alternative system, but having no rules whatsoever other than software is impracticle when dealing with humans. We need some rules.”

Implementing rules that already exist onto crypto is not the right way to go, he continued, and having different rules for different countries is also not a path to control that both libertarians and regulators can feesibly compromise on.

There are many schools of thought on this, with CryptoUK urging the government to act quickly on regulation. In contrast, John McAfee recently said that regulation would “cripple” the industry.

“[It] is an oversight by the government, designed to protect those people who are not competent enough to protect themselves,” he said. “If we have regulations that protect those people who should not be investing, should not be involved, then those same regulations apply to those of us who are competent… capable of making informed decisions, and taking responsibility for the results of those decisions”.

Teana Baker-Taylor, chief marketing officer for Coinfloor, Ruth Wandhofer, manager director and global head of regulatory and market strategy at Citi, and Martin Bartlam, international group head of finance and projects at DLA Piper were also part of the panel.