Switzerland – What does a fluffy panda bear in bright red boots look like? Anthony Scaramucci at a cryptocurrency store in Davos.
Donald Trump’s infamous former communications director is here in the Swiss Alps to save the bacon – after Sam Bankman-Fried, the now indicted former head of FTX, invested nearly $45 million in Scaramucci’s Skybridge Capital before the stock market crashed.
You might think Scaramucci would feel the burn, but in fact he’s still sticking to the cryptocurrency side in one of the most interesting arguments here in Davos, where the ruling elite meet, drink, and dodge protesters in the snow.
The argument is: who is right in the future of finance?
Scaramucci is doubling down on cryptocurrency just as JP Morgan’s Jamie Dimon walks around Davos Studios calling the sector a scam. EU Finance Commissioner Mered McGuinness said here that “cryptocurrencies are like debt” she would prefer to remain neutral on.
Mooch vs. JP Morgan might not quite seem like a fair fight, though. But in reality, Scaramucci is a Davos institution: He courts hotel lobbies, and will talk to anyone who stops him on the street, whether you’re wearing a fur coat and pink cowboy hat, or a gray suit. He dispensed 100 points of red wine at one of the most hyped parties of the week.
His method of fending off crypto-skeptics is accusing them of “not trusting people”. (Which is a bit ironic, given that the cryptocurrency itself is built as an “untrusted system.”)
A common thing among the Davos crypto group is that scammers are the problem, not the underlying technology, or lack of regulation around it.
Scaramucci is quite simply Davos’ most notorious crypto addict. Executives and staff from high-profile exchanges, brokers and tech companies are all over here, trying to convince the 0.1 percent that All is well.
Some acknowledge the need for regulation, but the talk in the aisle is about how difficult these rules are, rather than how they are needed to save the sector from itself.
In a global sense, crypto is not just a financial story, But it’s a story about energy and sustainability, too. Some encryption schemes can use 5 million times more energy than others – Another reason why the sector has attracted the attention of regulators. While some companies use their relative greenness as a marketing opportunity, the worst climate offenders don’t even have a plan for change.
McGuinness thinks it’s time for targeted bases. If the cryptocurrency crash isn’t big enough to destroy the global financial system, the next crash might be, you think, “and we don’t want to see that.”
But if cryptocurrency interests want to shape or fight those rules, The takeaway from Davos this year is that they will need to get more organized.
This week they are more likely to talk about “The Unreliable Trust” or “Building the Internet for All,” serving you an espresso martini shaken with organic, locally sourced ingredients, than making a serious political case against those who want to clamp down on the sector.
You’ll sip that martini on chairs with faux horns as legs, and gaze at wood walls carved with original motifs in a container-like structure that only exists for this week, all built just for people like you through a decentralized network/protocol/marketplace called Filecoin. This container is only here because the church it is attached to isn’t big enough for Filecoin’s ambitions – which needs not just a blockchain shrine, but an entire pop-up cathedral.
If you’re lucky, Princess Sofia Wolkonski of Castile might approach you to thank you “for the great energy you have.” And if all else fails, The Mooch is always a pleasure to hang out with.
In a continuous saga full of acronyms and acronyms of the US and the EU are trying to get on the same page regarding: artificial intelligence – both sides are having a big, ongoing conversation on the horizon, like Politico Mark Scott writes At Digital Bridge this morning.
Mark’s division points out that it’s pretty simple: When it comes to getting on the same page regarding the technical standards that would facilitate global trade and connectivity, everything is (mostly) peachy. But the representatives of the United States and the European Union have not yet seriously engaged in how to define reality Value It guides their approach to regulating AI, as exemplified by the very different philosophies of the US Blueprint for AI Bill of Rights, a list of recommendations and incentives for industry, and the EU AI Law, underpinned by the force of the platform.
“This tension must be resolved if transatlantic cooperation on AI is to move forward,” Mark wrote. “…if there are ongoing clashes over values (such as attitudes towards autonomous weapons driven by AI) [are] that you support [technical] standards, you are inevitably building a transatlantic playbook on shaky ground. You have been warned.” – Derek Robertson
Has True DeFi Never Been Tried? Is this possible?
A session hosted by the Cato Institute today entitled “Differentiating DeFi: Understanding Efforts to Regulate DeFi(implied) answers to these questions — and, crucially, what they mean for impending efforts to regulate the sector.
Featuring financial and crypto policy experts from Cato, WilmerHale, and the Crypto Council for Innovation, the speakers attempted to draw a line dividing platforms like FTX, whose disadvantages according to DeFi boosters lie in the extent to which they are over-inflated. Centralized It was, and a positive theoretical alternative that would allow users to securely transfer digital money in a truly “untrusted” system.
“[Regulations are] On the basis of a person, or a group of people, obligations to comply with the law apply to them,” said Tiffany Smith of WilmerHale. “There are a lot of quotes when regulators talk and call [crypto platforms] Decentralized, but there is someone who has effective control in exchange for access to the counterparty where it is really decentralized, and you have a governance mechanism that gives all token holders the power to make decisions.” Derek Robertson
Stay in touch with the whole team: Ben Schrekinger ([email protected]); Derek Robertson ([email protected]); Steve Houser ([email protected]); And Benton Ives ([email protected]). Follow us @tweet on Twitter.
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