Policymakers want to impose licensing constraints on DeFi coders, but it’s very difficult to force people who can be anywhere and who are answerable only to themselves not to write open-source code. Opinion for the Money Reimagined newsletter mikejcasey
And let's not forget what’s happening in Ukraine. Even before the Russian invasion, which prompted an unprecedented inflow of crypto funds into Ukraine to support both the war effort and humanitarian causes, Ukraine was a world leader in adoption. Now, with President ZelenskyyIf you’re a crypto developer, these places are where the action is right now.
And because digitally nomadic developer teams don’t even need to physically move to such places to take advantage of these opportunities, the speed with which they are seized upon is very fast indeed. What this means is that, independently of efforts by the U.S. and EU to contain and manage the development of cryptocurrency services, the wider ecosystem around crypto will continue to develop and grow.Indeed, the argument that killed the attempt to impose an EU ban on proof-of-work mining was that it would create opportunities for greenhouse gas-producing energy providers to woo bitcoin miners to their locations – Kazakhstan’s coal-based mining boom being a case in point.
It’s much harder to regulate open-source developers, especially if they aren’t paid by a centralized company per se but instead are remunerated by the open network they serve with tokens generated and issued by a protocol. While there are concerted efforts by policy designers in the U.S.
I’m not arguing that crypto projects should not be regulated, by the way. There’s a real societal interest in trying to steer such projects toward the protection of a public good. It’s just that regulating crypto needs a more nuanced, accommodative and, most importantly, internationally coordinated approach if it is to be effective.
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