Proposals for policy development
Syren Johnstone · Edward Elgar Publishing eBooks · 2021
Five proposals for policy development are made. First, a “Designed-By-Architecture” (DBA) taxonomical approach to the classification of cryptoassets is proposed that is tied to component concepts that enable cryptographic consensus technology (CCTech). Second, it is proposed that distinctions between the infrastructure of the code and the social (i.e. user) elements to which it is subject assist, together with the DBA approach, to provide a basis for expressing more granular regulatory expectations. The third and fourth proposals are higher level approaches to the principles-based functioning of regulation that will assist inform the first two proposals via, for example, the development of restated regulatory objectives such as an increased focus on attraction regulation, and the stimulation of private market solutions that align with public policy concerns. The fifth proposal suggests reform of the institutions that should drive the first four proposals.