Regulation in the Wake of the Crypto Winter: Will It Go Too Far?

This episode is sponsored by Circle and NEAR. Until this year’s massive correction in token prices with the related collapse of Terra, Celsius Network and other once-big players, industry leaders could argue that a lightweight touch to regulation would allow innovation in this booming sector to flourish, however the extent of the losses has swung the balance in favor of regulators. Recently, concerns have been raised with Tornado Cash, a decentralized software that mixes ether (ETH) payments to hide users’ tracks. The usage of this Ethereum-based smart contract has been banned for all US citizens and companies since it was added to the U.S. OFAC SDN list due to North Korean hackers using the program.  On today’s episode of “Money Reimagined,” discussing crypto regulation with host  Michael Casey, is Tonya Evans, professor at Penn State Dickinson Law, a published author and influential crypto adviser with expertise in blockchain and crypto asset law, information privacy, administrative law and social justice. Overcompensation happens in finance and there’s a good chance it will happen with crypto.  See also: Time for Crypto to Make Nice With Regulators Crypto-Mixing Service Tornado Cash Blacklisted by US Treasury  What Happens When You Try to Sanction a Protocol Like Tornado Cash _ Money Reimagined listeners get a special discount on Converge22, Circle’s first annual conference on the blockchain-driven future of money. Coming this September, Converge22 is for change makers looking to build what’s next in Web3. Use the code “CoinDesk” at checkout https://hubs.li/Q01hpy4w0.  _ NEAR is a simple, revolutionary Web3 platform for decentralized apps, created by developers for developers. More than 700 projects are now building on NEAR’s fast, secure and infinitely scalable protocol, from DeFi apps to play-and-earn games, NFT marketplaces and more. Start your developer journey now by visiting NEAR at near.org.  _ I.D.E.A.S. 2022 by CoinDesk is the place to see your idea for the next big thing through – meet with leading investors, vet service providers and meet fellow visionaries at the Investing in Digital Assets and Enterprises Summit. Learn more and apply to become a presenter today: coindesk.com/ideas _ This episode was produced and edited by Michele Musso with announcements by Adam B. Levine and our executive producer is Jared Schwartz. The theme song is “Shepard.” See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.