Jonathan Johnson, President of Medici Ventures, notes arguments against blockchain regulation in his article, Three Challenges Facing Blockchain.
Blockchain is in a nascent era of finding itself. Like a kid learning to walk. Such a young child innately knows it’s going to grow much bigger. But in the mean time, there’s a lot of growing to do.
Technology — and the advancement of blockchain — should not be regulated. In the 1990s, when the internet’s potential was becoming evident, legislators opted not to regulate it. That bipartisan decision led to the open-market creation of the much-lauded ‘information superhighway’ and the power of the internet today.
Certainly, there will be use cases that may require regulation as blockchain applications develop and proliferate. But the growth of blockchain technology will be best nurtured when it is free and unfettered from regulation.
Johnson also makes the point that “We’ll know blockchain technology has become mainstream when we are no longer talking about it.”
That won’t be anytime soon.