The panel kicked off with moderator Moojan Ashghari, co-founder of Thousand Faces Web3 investment club, saying that the ethical framework or standard of technology will always lag behind the introduction of the technology.
“This is the biggest challenge of ethics – what are the right questions to ask ourselves today in order to make sure that the technology doesn’t harm us in the near or far future.”
The panelists unanimously agreed that innovation typically comes before any ethical standard is implemented. Margaux Frisque, co-founder and legal advisor of the Women in Web3 Association, pointed to the upcoming MiCA framework in the European Union.
She spoke to MiCA being “inspired by feedback from [past] operations” and will soon oblige businesses to segregate the funds of their clients from other bank accounts.
“That’s an example of good behavior that has been turned into hard law, soon to be implemented in the entire E.U. It’s a good example of turning ethics into our law to protect people and innovation.”
PBW hosted an entire panel on the upcoming MiCA regulations, during which industry experts and regulators discussed the implications of the E.U. lawmaker’s proposals. Thus far the proposal has faced several delays, but is set for final vote in April 2023.
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Dr. Loic Brotons, CEO of Galeon, echoed this sentiment of behavior influencing ethics, saying “mixing innovation and ethics is a bit complicated.”
“Usually, innovation comes first and sometimes we have really bad things happen. After comes the ethics because we look at what the innovation has done.”
He pointed to the FTX scandal, which said was an example of exactly the opposite of Satoshi Nakamoto’s philosophy of “don’t trust, verify.”
“That was the problem with FTX,” he said. “Nobody was able to verify.”
He added exchanges are shelling out proof-of-reserves by the dozens so people can follow the money and verify their trust. “It’s changing,” he concluded.
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