Web3 Titans Discuss Global Unbanked, Protocol Economy & Regulatory Challenges at Proof of Talk 2024
Summary:
The 2024 Proof of Talk conference, held at Louvre Palace in Paris, witnessed a discussion between Franklin Templeton's CEO Jenny Johnson and Aptos founder Mo Shaikh. They explored key topics focused on global banking, the protocol economy's influence on regulators, and the role of regulatory bodies in the crypto and blockchain industry. The duo stressed how these new systems, whether regulated or not, are creating opportunities for unbanked individuals to participate in the economic flow. Johnson further highlighted issues with traditional banking models and the potential of decentralized alternatives in the Web3 domain.
The prestigious Proof of Talk conference, held in 2024 at the magnificent Louvre Palace in Paris, was abuzz with leading personalities and intellectual luminaries from the domain of Web3. An enlightening fireside chat, labelled "What it Takes to Win in the Protocol Economy," placed bigwigs like Jenny Johnson, Franklin Templeton's CEO, and Mo Shaikh, founder of the Aptos blockchain network, at center stage. (Image: Jenny Johnson, Franklin Templeton’s CEO and Mo Shaikh, founder of Aptos at Proof of Talk 2024. Source: Cointelegraph) The insightful conversation incorporated an array of pivotal topics, such as banking for the unbanked worldwide, the influence of the protocol economy on regulators, among others.
Regulatory bodies globally are intensely drafting strategies to comprehensibly and effectively tackle the crypto and blockchain landscape. Johnson underscored the strides made in regulatory mechanisms, like Europe's Markets in Crypto-Assets Regulation (MiCA) and Singapore’s experimental "sandbox approach" to regulation. She also pointed out concerted efforts by Hong Kong and UAE to lure firms to their shores.
The US's Securities and Exchange Commission (SEC), however, despite encapsulating one of the most vibrant arenas for crypto, blockchain and Web3 evolutions, has been slow on the uptake in formulating regulations for domestic projects. As per Johnson, the SEC carries hesitation regarding the categorisation of securities and non-securities. She added that they seek to shun involvement in every regulatory aspect while maintaining consumer protection and learning.
Reiterating these views, Shaikh highlighted that regulators are exploring their roles in the face of novel market entrants. The focus currently lies on the tools necessary to efficiently regulate and oversee digital assets and the enterprises backing them.
The duo also shed light on how these systems, albeit regulated or not, are paving the way for a novel market in a time when banking options are not within everyone's reach. Shaikh elaborated on the incorrect perception of individuals being unbanked, stating that they merely lack engagement with the digital financial economy. However, mobile devices are bridging this gap, enabling an unrestricted economic inflow.
Johnson then noted that the problem is not just the remoteness of banks, but the "costly" traditional financial models. This brings decentralized financial alternatives in the Web3 realm into focus. With a low opening balance requirement, these allow more people to not only opt for basic financial services but also explore investments and plan for retirement.
Published At
6/11/2024 3:42:36 PM
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