Educating regulators will help mitigate risks, says Figment exec

Educating regulators will help mitigate risks, says Figment exec

Alex Cohen, managing editor of Cointelegraph, interviewed Robert Ellison, Figment’s staking market director at the European Blockchain Convention (2022). They discussed topics such as educating regulators about blockchain and crypto, how to navigate uncertain regulatory landscapes for businesses, and regulating stake.

Ellision stated that it is important to educate regulators within the space in order to reduce the risk of them getting too involved without knowing the basics. Because of the complex nature of the space, it is crucial to have a clear understanding. He explained:

“This is the battle that we are fighting. It’s fascinating to see that geopolitical balance to certain countries versus other countries. We hope they will just listen and learn.”

The duo spoke out about how to help businesses navigate regulatory uncertainty. Companies may choose to proceed with their projects, and ask for forgiveness later than asking permission in advance. Ellison stated that:

“I believe that’s a business sentiment in which you ask forgiveness. You are not going to sit still. You cannot wait. You have to keep moving forward. Some of this is more risky.

Ellison said that certain regions offer more certainty than others for businesses. The Figment executive cited wrapped assets as an example. He explained that if you are in America, it is a riskier move to get into wrapped assets because you don’t know if it will be regulated soon.

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Ellison responded that it is possible to create a framework for stakestaking. The staking marketing director stated that regulations regarding staking are not a top priority for regulators. He noted that:

It is possible because it is easy to see the importance of what you are actually doing. To answer your second question, it is not a priority.

Ellison stated that stablecoins and lending platforms are on the regulators’ priority list. He said that staking is not currently on the priority list because regulators place “what is most risky to the public” first, before moving on to less risky aspects.

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