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On this week’s episode of “Bitcoin Bottom Line,” hosts CJ Wilson and Josh Oszelwicz join guest Yankun Guo, Corporate and Financial Regulations Attorney at Ice Miller, to discuss cryptocurrency regulations and how they intersect with the law.
Guo’s interests lie in bridging the gap between technology and law. She explains her responsibilities as “working with companies to help navigate new emerging technologies.” Highlighting the complex and evolutionary nature of the relationship between cryptocurrency and regulation, Guo shared, “One exciting thing about crypto is that depending on what you do with it, you fall under a different jurisdiction, law, or regulation .”
As they delve deeper into this relationship, Wilson explains, “Crypto is 24/7, bitcoin is 24/7, a lot of people think the law is something like 9:00 to 5:00.” He asks further: “Is it going too fast for the laws to catch up? Or are there specific cases where the laws are finished or really old laws still apply even though it’s a brand new marketplace?”
Guo explains that in many cases older laws apply, but she urges further development to “educate legislators and policymakers to ensure that the laws catch up and hopefully encourage innovation so that they don’t impede progress. ”
Wilson then discusses the ways regulations can vary from state to state. Guo explains that it’s difficult to navigate because “no company, especially if you’re a tech company, operates in just one state… You have federal regulations and state-to-state regulations that you have to follow, and case law on top. ‘ Discussing regulations in the United States as a whole, Wilson describes them as a double-edged sword, balancing safety and confidence with comparatively stricter regulations. Guo explains that increased regulation has also come with wider adoption of cryptocurrency and bitcoin. At the end, Wilson Guo asks, “What would better laws and regulations look like?” To do this, she outlines a two-step process to achieve clarity and understanding, beginning with “What are we trying to achieve?”. Followed by “What are the steps to get there?”
Listen to the full episode to find out more!
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