Cointelegraph’s managing editor Alex Cohen interviewed Figment’s staking marketing director Robert Ellison in the European Blockchain Convention (EBC) 2022. The duo discussed topics like educating regulators on blockchain and crypto, how companies navigate uncertain regulatory landscapes and controlling staking.
Based on Ellison, it’s essential to educate regulators within the space to mitigate the potential risks of the going overboard without comprehending the basics. The Figment executive pointed out that obvious understanding is essential due to the complicated nature from the space. He described that:
“This may be the fight we are fighting, and it is interesting to determine that balance geopolitically with a countries versus others, so we hope they just really listen and discover.”
Aside from educating regulators, the duo also spoke about how exactly companies navigate the area among regulatory uncertainty. Some companies opt to go forward using their projects and would prefer to request forgiveness later instead of permission ahead of time. Ellison stated that:
“I think this is a business sentiment in which you request forgiveness. You are not likely to wait. You cannot wait. You have to maneuver forward. A number of that’s more dangerous.”
Ellison also commented that some regions provide more certainty for companies than the others. Citing wrapped assets for example, the Figment executive described when you are in the usa, stepping into wrapped assets is really a “riskier move” because you aren’t confident that it might get controlled soon.
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When requested if your regulatory framework is essential for staking to visit mainstream, Ellison noted that the framework for staking is extremely achievable. However, the staking marketing director stated that rules for staking aren’t important for regulators. He highlighted that:
“It is quite possible because staking, itself, isn’t very difficult to know in certain regards of the items you are really doing. But to reply to your next question, I really don’t believe it is a priority whatsoever.”
Based on Ellison, lending platforms and stablecoins are among the list of priorities for regulators. He noted that presently, staking isn’t with that priority list as regulators put “what is easily the most risk towards the public” within their focus before they proceed to the less dangerous facets of crypto.
