Having premised so much of financial markets regulation on the presumption of intermediation, it may be useful to consider the need for new rules and formal amendments aimed at achieving the longstanding regulatory goals of promoting investor protection, facilitating capital formation by establishing fair and orderly markets, and mitigating risks that disrupt and destabilize markets.
Open-source software is distributed with a licence that generally allows anyone to use, study, change, or share its source code, without restrictions on how the software is used or by whom. The Open Source Initiative, which governs the most widely used open-source licences, even goes so far as to say that this means “giving evil people freedom, too.” Supporters of the Hippocratic Licence and other ethical licences like it believe it is time for programmers to take a less passive approach.
“It’s time for open-source to grow up and start taking responsibility for how it’s being used. We can’t stick to these […] libertarian ideals of ultimate freedom, when we exist in a society where the work that we do impacts others, sometimes in devastating ways,” said Ehmke. “I love the way open-source has transformed the world, and I think it has potential to continue. But we have to get our house in order.”
All of this has echos of Bitcoin’s rise to the mainstream. From obscure platforms used by a tiny minority to an explosion in popularity, following by increasing interest from first-movers willing to take a chance. If the cycle holds firm, the next wave will be inflow from firms outside of the cryptocurrency space. This will be followed by a full-on integration of DeFi into existing financial infrastructure, similar to what’s currently happening with Bitcoin. History often repeats itself, and if that happens with DeFi, then there’s never been a better time to get in on the ground.
They developed the modern version of paper currencies. I think that crypto is going to be the most significant macro event of my career of the last 30 years, and it probably goes back even further. A lot of people think cryptos are a naked speculation on bitcoin BTCUSD, 0.62%, whether it will go up or down.
If you dig into the crypto universe, and you understand the phrase “decentralized finance,” or “defi,” you will find that they are recreating the entire financial system in a decentralized way, complete with borrowing, lending, derivatives trading, insurance, lotteries, automatic market making as well, too.