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- Title
BRIDGING THE DIVIDE BETWEEN DEFI AND REGULATORS: SHOWCASING DECENTRALIZED AUTONOMOUS GOVERNANCE AS THE FUTURE FOR SELF-CUSTODY WALLET REGULATION.
- Authors
Vadlamani, Aniruddh; Sharma, Sarthak
- Abstract
It would not be an overstatement to say that it can be arduous to keep up with the pace of innovation in the Decentralized Finance ("DeFi") domain. One such DeFi instrument gaining traction is the self-custodial digital wallet. Through the course of this paper, we endeavor to analyze the respective proposals set forth by the European Parliament's Committee on Economic and Monetary Affairs ("ECON") and the U.S. Treasury's Financial Crimes Enforcement Network ("FinCEN")--both of which mandate the collection and verification of personal data concerning the owners of self-custodial wallets by centralized cryptocurrency exchanges through verified providers. Furthermore, we shall assess these proposals' congruency with their respective jurisdiction's data-privacy legislation to ascertain how the user-privacy agreement is being infringed upon. Finally, we will demonstrate the need for a novel governance model via Blockchain-based Decentralized Autonomous Organizations ("DAO") and how decentralized autonomous governance is the future for law-making, facilitating unprecedented decentralized regulatory solutions. To conclude, we propose the development of an adroit regulatory system--a framework free from information oligarchies and management manipulations.
- Subjects
EUROPEAN Parliament; FINANCIAL Crimes Enforcement Network (U.S.); COMMERCIAL crimes; ELECTRONIC wallets; CRYPTOCURRENCY exchanges; PERSONALLY identifiable information; INFORMATION resources management; WALLETS; AUTONOMOUS vehicles
- Publication
Journal of Law, Technology & Policy, 2023, Vol 2023, Issue 2, p373
- ISSN
1532-3242
- Publication type
Article