Citing his speech at the Financial Times Crypto and Digital Assets Summit, Brian McGleenon reports in decrypt.co that Hoskinson singled out the U.S. regulatory system as being ill-equipped to handle the revolutionary nature of cryptocurrencies. The myriad agencies that regulate financial markets in the U.S. "are not prepared" for crypto assets either".
Part of the difficulty for these agencies is cryptocurrencies' distinct ability to change how they can be used and, thus, how they can be categorized.
Offering Bitcoin as an example, he explained that it can be seen as a currency, such as its legal tender status in El Salvador, or it can be seen as a commodity, like gold. This makes it difficult for authorities to categorize the asset and, thus, regulate it.
He was then asked to persuade the audience to consider the benefits of a decentralized world. He asked "If you look at the example of ESG scoring, which every corporation is talking about, how do we be more environmentally friendly, how do we be sustainable, how do we have good governance?”
He offered blockchain technology as a solution. Using this technology, one could deploy smart contracts as the way forward to build trans-national standards that broker trust and authority.
In his opinion, this would stand a better chance of "solving global warming and climate change" than the current system in place."
Source credit and full story - https://decrypt.co/99049/cardano-creator-hoskinson-us-regulators-not-prepared-handle-crypto
Like using a smart contract to "solve global warming and climate change", we can also think of using smart contracts to solve other ill-managed problems by the governments and agencies.
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