#849 Legitimizing The Crypto Industry w/ Bradley Tusk
3/6/2022 · 33 min · transcript via mlx
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Key topics
— Bradley Tusk discusses the importance of proactive engagement with regulators rather than avoiding regulation, emphasizing that companies like Coinbase must influence political outcomes to shape favorable policy.
— The BitLicense in New York requires overhaul but isn't inherently problematic; similar licensing exists in other states and reform is expected from the new governor and superintendent.
— Metaverse regulation will require addressing data ownership, data portability, consumer protection, and taxation—challenges that are foreseeable and should be addressed before widespread adoption.
— Custody of digital assets will inevitably be regulated; companies should proactively choose their regulators and shape initial frameworks rather than resisting regulation.
— The crypto industry lacks sufficient regulatory and government relations expertise; venture funds should specialize in combining capital with regulatory strategy, similar to Tusk Ventures' model.
Market & price signals
— None discussed
Actionable insights
— Founders and companies in regulated industries should hire experienced government relations and legal professionals from Congress and state government rather than assuming internal talent can learn regulatory strategy.
— Crypto companies should consider proactively selecting their preferred regulator and working collaboratively to shape favorable initial frameworks, as demonstrated by Dibs' approach with New York state.
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