OPINION: Web3 developers who that aren't prepared for regulatory scrutiny will create dapps ultimately doomed to failure, says MarkLurie of Shipyard Software.
at the blockchain level as a solution so that a dapp could pay for a user’s gas fee, thereby creating a smoother user experience. These are promising approaches, each of which helps prevent the possibility of a dapp using funds without the user’s permission. Many developers are familiar with this security problem because it is inherently technical.
In another case, what if the transaction interacts with an address that has been blacklisted by the Treasury Department's Office of Foreign Assets Control and the dapp could have but didn’t prevent it? Alternatively, will the Commodity Futures Trading Commission think it is the dapp’s responsibility to prevent a retail user from purchasing a derivative? What if the transaction manipulates the market? What will the Financial Action Task Force, a global group that fights money laundering,...
If Web3 builders want to build something genuinely useful for the masses, it isn’t as easy as simply creating a non-custodial protocol and pretending that the laws applied to financial custodians and intermediaries don’t matter – how the protocol grants or blocks permissions on how user funds are used must also be considered.
Every user experience is designed to increase the likelihood that a user will arrive at a specific decision or outcome. The builders who anticipate future policy hurdles and consider today’s imperfect crypto regulations as they write their design playbook will ultimately design thoughtful, seamless Web3 user experiences that will make it easier for the next 100 million users to get on board.
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