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Don’t repeat social media mistakes with Metaverse’s rules

Tusk Ventures CEO and founder Bradley Tusk says the failure to effectively regulate cryptocurrency and social media in the United States is a “very good lesson for how to handle the Metaverse”. Tusk urged US policymakers to “get ahead” of the Metaverse and enact regulation sooner rather than later. “Normally our policy has been that we wait for technology to be introduced to get market fit and traction [before introducing regulation].” “However, it’s very difficult to do that afterwards,” he said. “We know the Metaverse is coming — it’s already there in some ways. We know it’s got all the problems of the internet, probably times five or ten. So why don’t we think about it now and lead the way?” He echoed this sentiment in a Mirror blog post uploaded the same day, writing, “Metavers. Do you think controlling state-sponsored disinformation is difficult on Facebook and Twitter? Wait until you try it in 3D.” He also stated that while policymakers cannot develop specific regulations for the Metaverse until they have a better idea of ​​what is to come, they should start looking at cryptocurrency and social media How do you think appropriate regulation can be put in place for something that is not yet defined or well understood? I understand the desire to get it “right”, but I don’t think regulation is helpful, especially at this stage. A plan to educate policy makers, of course. — Adam Sternbach (@ adamsternbach) January 31, 2022 “We can avoid making the same mistakes we made with Facebook, Instagram, Twitter and social media in general if we can develop an intellectual framework for regulating the Metaverse now.” an increasingly popular topic in the corridors of the U.S. Securities and Exchanges Commission (SEC).According to a January 19 report from Cornerstone Research, the SEC has taken a total of 97 actions against crypto organizations since 2013, 20 of which occurred in 2021 alone. regulatory framework when dealing with cryptocurrency, Tusk told CNBC that policymakers’ inaction had left citizens without basic protections. “We don’t have basic rights about who owns what data, how can we transfer it, how can we delete it. Those are all fundamental things that I think we have a right to expect from our government at this point. And when the Metaverse comes, it just gets a lot more extreme.” Related: US Congresswoman Calls for ‘Broad, Bipartisan Consensus’ on Key Digital Asset Policy Issues Tusk was an early investor in Uber, Lemonade and Coinbase. In 2009, he served as campaign manager for media oligarch Michael Bloomberg in his bid for reelection as mayor of New York City. He was also the deputy governor of Illinois, an early political adviser to Uber, and the communications director for U.S. Senator Check Schumer.
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