Tech
TechCrunch Minute: Where CZ’s ruling leaves the state of cryptocurrencies
Four months behind bars and a hefty fine, that’s what CZ is getting from the government for his own the misdeeds of cryptocurrency exchange. Regardless of how you view the verdict – too much, too little, just right – his ruling is a big deal for web3. Potentially in a positive way.
There is an effort by some in the cryptocurrency industry promote the technological element of blockchains on their well-documented ability to generate new gaming opportunities. Chris Dixon of a16z frames the situation in terms of “computers vs. casinos,” which I think is reasonable.
If you favor computers over casinos, you probably want the cryptocurrency market to be as in line with financial regulations as possible. Why? Because this means that cryptocurrencies themselves can sit very close to the broader world economy, and thus the computing elements of blockchain technology can shine, attract investment and provide maximum use. If you lean more towards the casino side of the conversation (line rises, memecoins, bitcoin maximalism, etc.) you may not be a fan. After all, to get close enough to kiss TradFi and normal trading operations so that the web3 computer can reach its full potential, you could end up with more tokens as securities than many crypto advocates want.
In any case, CZ’s case is now solved. Also SBF. What will be the next chapter of cryptocurrencies?