Regulator’s education : The idea is extremely straightforward, so a regulatory framework for earning rewards (staking) is possible, Robert Ellison.
In 2022, at European Blockchain Convention (EBC), Alex Cohen a managing editor of Cointelegraph talked with the Figment’s staking marketing managing director Robert Ellison. In an interview, both discussed the topics of the regulator’s education including blockchain and cryptocurrencies(BTC, ETH), and how organizations explore questionable regulation staking and regulatory topography.
Regulator’s education will provide help to reduce risks:
As per Ellison, without the basic knowledge, regulators’ education in space is important to reduce the risks of their overdoing. The Figment manager director noted that due to the complex nature of space, it is important to understand the concepts and basic knowledge clearly. Ellison clarified that:
This is the battle we’re fighting, and it’s interesting to see that balance geopolitically to some countries versus others, and we hope that they just really listen and learn.
Likewise, In addition to the regulator’s education, the pair also talked in an interview about how in the midst of regulatory delay the organization explores the space. Instead of permitting in advance, a few organizations select to proceed with their projects and would prefer to request forgiveness. Ellison expressed that:
I think that’s a business sentiment where you ask for forgiveness. You’re not going to wait. You can’t wait. You got to move forward. Some of that is more risky.
In a comment, Ellison remarked that business confidence is offered by a few districts more than others. He explained it by referring to wrapped resources, for example, the Figment manager described that moving to wrapped assets is a dangerous move in the United States because you’re unaware whether it may get regulated soon.
When inquired as to whether a regulatory framework is important for staking to go standard, Ellison noticed that a regulatory framework for earning rewards (staking) is possible. In any case, the manager director of staking marketing told that for regulators regulations are not a focus. That’s what he emphasizes:
It is achievable because staking, itself, is quite easy to understand in some regards of what you’re actually doing. But to answer your second question, I actually don’t think it’s a priority at all.
As per Ellison, the preferences of the regulators’ list are stablecoins and loaning platforms. Ellison noticed that for the time being, regulators list first focus is not on the staking and in their spotlight before they continue toward the safer parts of crypto “what is the greatest threat to the public”.