This Week in Startups US crypto crackdown with Vinny Lingham & Sunny Madra + OK Boomer | E1680
Feb 17, 2023
Vinny Lingham, co-founder of Civic, and Sunny Madra, co-founder of Definitive Intelligence, delve into the U.S. government's crypto crackdown and the roles of the SEC and CFTC. They clarify what staking is and its implications for investors amidst new regulations. The discussion also touches on the need for innovative frameworks to foster trust and protect investors in the rapidly evolving crypto landscape. Finally, Prince Ghosh from Factored Quality shares insights on quality control in tech, emphasizing the importance of transparency.
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Crypto Crackdown Focus
- The cryptocurrency industry is facing increased regulatory scrutiny, particularly regarding cryptocurrencies themselves.
- Web3 applications and blockchain technologies remain largely unaffected by this crackdown.
Jurisdictional Confusion
- The SEC and CFTC's overlapping jurisdictions create confusion in cryptocurrency regulation.
- A dedicated digital assets agency could provide clarity and streamline the regulatory process.
Staking Definition
- Staking, in its purest form, involves receiving more of the same asset, similar to natural growth.
- When returns are denominated in fiat currency, it falls under SEC jurisdiction.