The Future of Crypto Policy

CBDCs (Central Bank Digital Currencies) are a major development, over 130 countries exploring digital fiat. China's digital yuan is most advanced. CBDCs raise profound questions: will they enhance financial inclusion or enable surveillance? Will they compete with or complement stablecoins? The tension between efficiency and privacy is at the heart of the debate.

Self-custody rights are becoming a key battleground. Some jurisdictions are codifying the right to hold your own crypto without intermediaries. Others push regulations making it difficult to transact without regulated intermediaries. This philosophical question, should individuals need permission to control their own money?, will determine whether crypto fulfills its vision of financial freedom.

International coordination through FSB, FATF, and G20 works toward harmonized global standards to prevent regulatory arbitrage while maintaining innovation. As MiCA sets precedents, other regions adopt similar structures. The Travel Rule's global implementation exemplifies this coordination.

Crypto is following the early internet's trajectory: from 'Wild West' with minimal rules to a structured regulatory environment. The 1990s internet had maximum innovation, frequent scams, and enormous opportunity, then frameworks developed for privacy, consumer protection, and commerce. Crypto's 'Wild West' phase is ending. Projects built with compliance from day one will thrive. The question isn't whether crypto will be regulated, but how, and the answer is being written right now.