Recent crypto regulations in the U.S. might inadvertently affect the same communities it was supposed to protect, bringing back ghosts from the past to minorities. (Via CointelegraphZN)
Komorebi DAO invests in crypto founders from underrepresented communities. Prospective members of the collective who don’t meet accredited investor requirements can’t participate. Vora says: “With Komorebi DAO, if the law restricts us from having accredited investors as members, then that leaves them out from all the potential value of investing in crypto companies.
According to Hsu, large institutional investment firms like JPMorgan Chase entered the ecosystem a few years ago and began gobbling up the lion’s share of the wealth. Smaller firms like Hsu’s struggled to compete. She couldn’t charge sustainable rates that were comparable to those paid by the big companies. Even more challenging, her customers struggled to effectively navigate complex regulatory systems concocted by state regimes and uncertain federal regulatory agencies.
the current rules help sustain a non-level playing field where entrenched wealth and power is recirculated among those who already have it. According to Parker, every state in the U.S. has a different set of rules for businesses identified as money transmitters, a subcategory of money service businesses that cryptocurrency exchanges are categorized as. Parker says, “When you’re dealing with spot market transactions, it’s a state-by-state analysis of money transmitter licenses. [..] It’s not even one regime. It’s 50 different interpretations of what it means to be a money generator.
Mesidor believes that these multistate regulatory requirements and roadblocks at the federal level are “burdens that Black and Latinx innovators cannot comply with that will force them out of the space.” Mesidor, also an adviser to the Blockchain Association, has actively been lobbying members of Congress to embrace common-sense regulatory legislation for cryptocurrency.
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