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The crypto “wild west” may need a good sheriff (FT View, August 14), but it also urgently needs to learn how to engage with such authorities.
Unfortunately, many players in the crypto space are only now coming to the realisation that policymakers in Washington, and around the world, will play a critical role in their future. Whether they like it or not, government relations should have been a central component of the crypto industry’s business strategy from the outset — and now they are scrambling to catch up.
As much as some members of the crypto community want this technology to exist entirely outside of the existing financial system, it can’t. The disruption that the original, fully decentralised model seeks to cause will simply not be permitted by regulators whose job it is to ensure orderly and stable market conditions. The future of…