MONEY REIMAGINED: Regulation in the Wake of the Crypto Winter. Will It Go Too Far?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 August 2022
⏱️ 34 minutes
🧾️ Download transcript
Summary
This episode is sponsored by Circle and NEAR.
Until this year’s massive correction in token prices with the related collapse of Terra, Celsius Network and other once-big players, industry leaders could argue that a lightweight touch to regulation would allow innovation in this booming sector to flourish, however the extent of the losses has swung the balance in favor of regulators.
Recently, concerns have been raised with Tornado Cash, a decentralized software that mixes ether (ETH) payments to hide users’ tracks. The usage of this Ethereum-based smart contract has been banned for all US citizens and companies since it was added to the U.S. OFAC SDN list due to North Korean hackers using the program.
On today’s episode of “Money Reimagined,” discussing crypto regulation with host Michael Casey, is Tonya Evans, professor at Penn State Dickinson Law, a published author and influential crypto adviser with expertise in blockchain and crypto asset law, information privacy, administrative law and social justice.
Overcompensation happens in finance and there’s a good chance it will happen with crypto.
See also: Time for Crypto to Make Nice With Regulators
Crypto-Mixing Service Tornado Cash Blacklisted by US Treasury
What Happens When You Try to Sanction a Protocol Like Tornado Cash
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Transcript
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| 0:00.0 | CoinDesk is calling on visionaries in the digital economy to present at our newest event. |
| 0:09.7 | Ideas. Investing in digital assets and enterprises summit. Ideas is the place for you to present |
| 0:16.0 | your marketing opportunity in front of leading investors poised to help you get your idea off the ground. |
| 0:21.7 | Apply today to become a presenter at Ideas 2022 by CoinDesk. Visit CoinDest.com forward slash |
| 0:28.4 | ideas for more information. This episode is sponsored by Circle and Near. |
| 0:36.2 | Money is changing. |
| 0:38.5 | So where do we go from here? |
| 0:41.0 | Through high-profile interviews and thought-provoking analysis, |
| 0:44.0 | join Michael Casey and Sheila Warren for the Money Reimagined podcast, |
| 0:48.2 | as they explore the connection between finance, human culture, |
| 0:50.9 | and are increasingly digital lives. |
| 0:54.6 | And just a reminder, CoinDesk is a new source and does not provide investment advice. |
| 1:00.1 | And now, here's Michael Casey. |
| 1:03.8 | Hello and welcome to Money Reimagined. I'm Michael Casey. |
| 1:07.5 | Flying solo today, sadly, without my co-host, Sheila Warren. |
| 1:12.6 | The advent of Crypto Winter has complicated the outlook for regulation. Until this year's massive correction in token |
| 1:17.6 | prices with the related collapses of lunar, Celsius, and other once big high-flying players, |
| 1:23.5 | industry leaders could argue that a lightweight touch to regulation would allow innovation |
| 1:27.4 | in this booming sector to flourish. |
| 1:29.7 | But the extent of the losses, and most importantly those incurred by regular retail investors who've had their assets frozen, |
| 1:36.8 | has swung the balance in favor of regulators. There's no doubt now that a comprehensive, consistent, |
| 1:42.5 | trusted regulatory regime is needed if the industry |
... |
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