The average politician probably has little or no understanding of cryptocurrencies. Some might understand the basic idea of a blockchain and its decentralized nature but the percentage of lawmakers who know the difference between a private key and a public key, the process of setting up cold storage wallets, or how multi-sig should be implemented securely is almost certainly very, very small.
So if cryptocurrency does become regulated and businesses like exchanges are forced to implement security practices such as having most of their funds in cold storage, then who will decide what regulations should be implemented and how? Surely, it won't be the politician.
They might be average politicians but they have tons of advisors behind and perhaps getting some of the best minds out there. I have a friend who works with a Senator who runs for a VP position. He was simply a photographer but he has access to that politician office and he attest that he has a lot of advisors and researchers that's why when you see this politician in a hearing, damn you will be impressed because of the total knowledge of the subject matter being investigated. But it's obviously the work of those people behind him.
Do you think they will attempt to have one of the Core devs on board or invite someone important in the cryptocurrency community like Vitalik, coblee, or Roger Ver (eek!) to write the regulations and then just take their word for it? What will they do if they decide not to participate? Heck, many (if not most) of those who are well-known and respected in the field are distrustful of governments and will probably refuse to participate since it could be seen as betraying the libertarian and anti-authoritarian ethos of the community.
Your thoughts?
Bad idea. Those people will probably ignore or if they cooperate, they won't extract something that will help politicians write a "better regulations".
