Crypto Needs a "Do No Harm" Approach

[Marvis007]

U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has said that crypto needs a “do no harm” approach from regulators to flourish, in an interview at the annual Singapore Summit on Friday 14.
https://cointelegraph.com/news/cftc-chair-crypto-needs-do-no-harm-approach-that-regulators-gave-the-early-internet

[1714568546]

1714568546

[Docnaster]

That's the goal isn't it? Bitcoin and other cryptocurrencies are aiming to improve the world as best they can, obviously it will be difficult and mistakes will be made, but these mistakes shouldn't define the entire industry. Over time, the politicians will realise the utility of crypto, and it will be impossible for them to crack down on it without risking their position.

[avikz]

That's the goal isn't it? Bitcoin and other cryptocurrencies are aiming to improve the world as best they can, obviously it will be difficult and mistakes will be made, but these mistakes shouldn't define the entire industry. Over time, the politicians will realise the utility of crypto, and it will be impossible for them to crack down on it without risking their position.

You misunderstood the whole thing. "Do no harm" is mainly a legal terminology to resolve internal conflicts that is used in contracts or SOWs between two parties. If you ever get a chance to see a signed SOW between two corporates, you will find this clause. This particular legal clause is used extensively all over the world.

I have just read the article and it doesn't cover the idea very well. The major questions now are,

1. Who will be the beneficiary of this clause?
2. Who will get the benefit of doubt?

"Do no harm" is only useful if executed properly and ethically, otherwise thise words have no value!

[cizatext]

That's the goal isn't it? Bitcoin and other cryptocurrencies are aiming to improve the world as best they can, obviously it will be difficult and mistakes will be made, but these mistakes shouldn't define the entire industry. Over time, the politicians will realise the utility of crypto, and it will be impossible for them to crack down on it without risking their position.

You should go back and read the article again to save you the misconception, what the do no harm mean in the article is just to clarify where and when regulations will be applied in the cryptocurrency and blockchain technology in it entirety. We need regulations to help cumb the activities of fraud stars, Scam's and the use of cryptocurrency for illegal activities but aside that cryptocurrency should be left to develope since it a new invention just as the internet was left without any regulations to get to where it is today.

[btc78]

That's the goal isn't it? Bitcoin and other cryptocurrencies are aiming to improve the world as best they can, obviously it will be difficult and mistakes will be made, but these mistakes shouldn't define the entire industry. Over time, the politicians will realise the utility of crypto, and it will be impossible for them to crack down on it without risking their position.

Well politicians are insecure about the presence of cryptocurrency thats why they are doing everything to bring this down and little by little they are getting the failure as our crypto community continues to grow and bring positivity to more than users now,crypto can’t please everyone specially the regulating body but what cryptocurrency can assure is the benefits every people may have

[mensahkkofie]

The world is going to a global village and any negative comments or deeds in the world of crypto can go viral. I believe we need some level of positivity in the world of crypto in order to attract new investors. People are sacred because of the frequent cases of scams so we need to maintain sanity to attract more people.

[Insufficient]

Absolutely! people must see the goods the pros not only bitcoin but crypto offers. That will be the ultimate pull for mass adoptation in my opinion.