Regulating Blockchain Would Be an Exercise in Futility
Proponents argue it is set to change real estate, accounting, securities and a gamut of other industries. But, how should this technology be regulated? A better question might be, 'Should it be?' And if so, 'How?' Lawmakers generally try to create rules that are technology neutral. Indeed, one of the most pressing criticisms of New York's BitLicense regulation was that it deviated from this approach. Why this has been successful is because regulators know that software developers move faster than they do. When rules are created for specific technologies, there’s a danger that rapid....
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History has demonstrated that when regulators attempt to intrude on liberties, individuals find workarounds. The post The Utter Futility Of A Bitcoin Ban appeared first on Bitcoin Magazine.
History has demonstrated that when regulators attempt to intrude on liberties, individuals find workarounds.
Historical precedents have shown that whenever the people have a means of obtaining items of currency (effectively) out of the ground, that governments will step in and not only demand a piece of the action, but will eventually shut it down. For example, the US government eventually made it illegal to use gold as currency, despite the gold rush that added so much to the country's wealth. The same may well happen with Bitcoin, as governments become nervous of a currency being created that is beyond their control, regulation may be imposed to prevent Bitcoin mining. When Bitcoin began, it....
Just recently Bitcoin.com reported on the European Securities and Markets Authority (ESMA) Senior Risk Analysis Officer, Patrick Armstrong’s opinion to ban blockchain platforms. However, on February 7 the ESMA has released a report stating that regulating the technology at this early stage is “premature.” ESMA Says Regulating Blockchain Would Be....
In a keynote speech at the Financial News Awards for Excellence in Trading and Technology, Europe 2015, in London, Nasdaq's Chief Executive Bob Greifeld declared that the exchange was going to use blockchain to manage the proxy voting system. In a nutshell, proxy voting is an important yet time-consuming exercise which is handled by a listings exchange. This exercise allows the shareholders to participate in the votes at a company's annual general meeting without attending an AGM. The Financial News also quoted him as saying that this move would first be tested on the Nasdaq's market in....