Educating regulators will help to mitigate risks, says Figment exec

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Educating regulators will help to mitigate risks, says Figment exec
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Cointelegraph executive editor Alex Cohen interviewed Robert Ellison, director of staking marketing at Figment, at the European Blockchain Conference (EBC) 2022. The pair discussed topics such as educating regulators on blockchain and cryptocurrencies, how businesses can navigate an uncertain regulatory environment and regulatory staking.

According to Ellison, it is critical to educate regulators in the field to mitigate the risk of them going overboard without understanding the basics. Figment executives mentioned that clear understanding is important due to the complexity of the space. He explained:

“It’s a battle we’re fighting, and it’s interesting to see the geopolitical balance of some countries versus others, and we want them to really listen and learn.”

In addition to educating regulators, the pair talked about how businesses can navigate the field amid regulatory uncertainty. Some companies choose to go ahead with their projects, preferring to ask forgiveness later rather than obtain permission in advance. Ellison said:

“I think it’s a business sentiment that asks for forgiveness. You’re not going to wait. You can’t wait. You have to move forward. Some of these are more risky.”

Ellison also commented that some regions offer businesses more certainty than others. Using packaged assets as an example, Figment executives explained that if you’re in the U.S., getting into packaged assets is a “riskier move” because you’re not sure if it will be regulated any time soon.

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When asked if a regulatory framework is needed to make staking mainstream, Ellison noted that a staking framework is achievable. However, the staking marketing director said that staking regulation is not a priority for the regulator. He emphasized:

“It’s achievable because staking itself is in some ways easy to understand what you’re actually doing. But to answer your second question, I don’t actually think it’s a priority at all.”

According to Ellison, lending platforms and stablecoins are priorities for regulators. Currently, staking is not on that priority list, he noted, as regulators put “what is riskiest to the public” on their radar before moving to the less risky side of cryptocurrencies.

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