Diogo Monica, the co-founder of Anchorage Digital, called for regulatory clarity in the United States. He described it as muddy due to the politicization of Web3 technology and attributed it to a lack of coordinated effort from the industry. Monica, who is also the president of Anchorage Digital, compared the regulatory experience in Singapore and the US, wherein the latter has a lot of catching up to do.
He said it’s really a breath of fresh air in Singapore. Monica highlighted that it’s different because of “one regulator”. The Monetary Authority of Singapore (MAS), which is Singapore’s central bank, handles the crypto asset class. Monica believes there’s basically no clarity in the U.S and little information on where assets legally fit. He said that even if a company understands the rules governing an asset, it barely knows which regulator to engage with. The US has 15 different regulators and they are all fighting in the public eye for dominance of the industry and making contradicting statements.
Monica said the industry wants clarity, some kind of regulation. He pointed out that the United States made Web3 a partisan issue, politicizing the technology and labeling it as left or right-wing. This went on to become political jockeying sticks versus, actually being about the technology. Monica said it’s supposed to be bipartisan, and not blue or red. He believes it’s digital gold and that’s the color it should be.
Furthermore, he said the industry’s lack of concentrated and coordinated approach in communicating certain aspects has played a part in this, and high-profile mistakes have also contributed to the issue.