The head of the Office of the Comptroller of the Currency (OCC) says that crypto firms, governments, and academics should all work together to set new standards for stablecoins.
Speaking at the Artificial Intelligence and the Economy: Charting a Path for Responsible and Inclusive AI symposium, acting US Comptroller Michael Hsu says that stablecoins should strive to become more interoperable and inclusive.
“Emerging technologies such as AI and stablecoins enable transactions in blockchain-based systems. Stablecoins lack shared standards and are not interoperable.
To ensure that stablecoins are open and inclusive, I believe a standard setting initiative undertaken by the IETF (Internet Engineering Task Force) and W3C (World Wide Web Consortium) needs to be established, with representatives not just from crypto and Web 3.0 firms, but also including academics and governments.”
Hsu compares today’s nascent crypto technologies to emerging tech of the past such as the internet, establishing a link between collaboration and inclusivity. He implies that the crypto industry could follow the same path by using hard regulatory standards as a foundation for growth.
“Well-designed standards can promote inclusive and responsible innovation. Take the internet, for instance. The technical foundations of the internet provide for an open, royalty-free network – something we take for granted today.
Those foundations did not emerge on their own. They were developed by standard setting bodies like IETF and W3C, which had representatives with differing perspectives, a shared public interest ethos, and a strong leader committed to the vision of an open and inclusive internet.”
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