Regulatory strategy and regulatory progression should be assessed as separate measures of market clarity, according to panellists at Paris Blockchain Week.
On a panel discussing the overall progress of regulation in the US and UK, speakers argued that while regulatory frameworks continue to advance, this progression does not necessarily translate into clear or actionable market structures for institutions.
The panellists continued that while the US has a clear strategy, there is a lack of execution, with the CLARITY Act “far from adoption”, for instance, with the UK showing the opposite pattern.
“Regulatory progress should not be mistaken for regulatory clarity,” said Stéphanie Cabossioras, chief strategy and global policy officer at Société Générale-FORGE, highlighting a disconnect between policy development and practical implementation.
“We have the regulatory framework. We know how to do business. A lot of things are enabled,” she said.
“It’s possible in Europe, even for traditional financial institutions, to develop business on blockchain. The regulatory framework is there.”
“So now we need to move a step forward and start integrating all that into the banking system, into the financial system. The starting point, the first door to open, is stablecoins.”
Cabossioras pointed to stablecoins as a solution to regulatory disconnect:
“Why stablecoins? Because it’s cash. And if we want to develop a financial industry, at the core of this industry is the movement of cash.”
