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In this week’s episode of “Bitcoin Bottom Line,” hosts C.J. Wilson and Josh Oszelwicz are joined by visitor Yankun Guo, a company and monetary rules legal professional at Ice Miller, to focus on cryptocurrency rules and the way they intersect with regulation.
Guo’s pursuits lie in bridging the hole between expertise and regulation. She explains her duties as “working with companies to help navigate new emerging technologies.” Guo highlights the advanced and evolutionary nature of the connection between cryptocurrency and regulation and shared, “One thing that is exciting about crypto is that, depending on what you do with it, you fall under a different jurisdiction, a different law or regulation.”
As they dive deeper into this relationship, Wilson explains, “Crypto is 24/7, Bitcoin trades 24/7, a lot of people think the law is sort of like 9:00 to 5:00.” He goes on to ask, “Is it going too fast for laws to catch up? Or are there certain instances where the laws have been ready, or really old laws are still applying even though it’s a brand new marketplace?”
To this, Guo explains that in lots of circumstances older legal guidelines are being utilized, however she pushes for evolution to, “educate legislators and policy makers to make sure that the laws do catch up and hopefully foster innovation so that it doesn’t impede progress.”
Wilson then discusses the methods wherein rules might be variable from state to state. Guo explains that it is tough to navigate as a result of, “No company, especially if you are a technology company, operates purely in one state … you have federal regulations, as well as state-by-state regulations you have to follow and case law on top of that.” When discussing rules within the United States as an entire, Wilson refers to it as a double-edged sword, balancing security and assurance, with comparably greater rules. Guo explains that a rise in regulation has additionally been met with an adoption of cryptocurrency and Bitcoin on a wider scale. In the top, Wilson asks Guo “What would better laws and rules look like?” to which she outlines a two-step course of to attain readability and understanding, beginning with “What are we trying to achieve?” Followed by “What are the steps to get there?”
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