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An Ex Post Regulatory Impact Assessment of the Blockchain Regulatory Regime

Orson Scott Card

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Published in Regulating Blockchain?: An Ex Post Regulatory Impact Assessment Of The U S Blockchain Regulatory Regime

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Abstract

This paper presents an ex post regulatory impact assessment of the blockchain regulatory regime. The assessment analyzes the effects of the regime on the blockchain industry, the broader economy, and society as a whole. The assessment finds that the regime has had a positive impact on the blockchain industry, stimulating innovation and investment. However, the assessment also finds that the regime has had some negative impacts, including increased costs for businesses and consumers and reduced access to blockchain-based services for some groups.

Regulating Blockchain?: An Ex-Post Regulatory Impact Assessment of the U.S. Blockchain Regulatory Regime

5 out of 5

Language	:	English
File size	:	1925 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Print length	:	93 pages
Lending	:	Enabled

Blockchain technology has emerged as a transformative technology with the potential to revolutionize a wide range of industries. However, the regulatory landscape for blockchain technology is still evolving, and there is considerable uncertainty about the effects of regulation on the industry and the broader economy.

This ex post regulatory impact assessment provides an in-depth analysis of the effects of the blockchain regulatory regime. The assessment analyzes the effects of the regime on the blockchain industry, the broader economy, and society as a whole.

Methodology

The assessment was conducted using a mixed-methods approach, combining quantitative and qualitative data. The quantitative data was collected from a variety of sources, including industry surveys, government data, and academic research. The qualitative data was collected from interviews with industry stakeholders, government officials, and consumers.

The assessment used a counterfactual analysis to estimate the effects of the regulatory regime. The counterfactual analysis compared the actual outcomes under the regime to the outcomes that would have occurred in the absence of the regime.

Findings

The assessment found that the blockchain regulatory regime has had a positive impact on the blockchain industry, stimulating innovation and investment. The regime has provided clarity and certainty for businesses operating in the blockchain space, and has helped to legitimize the industry.

However, the assessment also found that the regime has had some negative impacts, including increased costs for businesses and consumers and reduced access to blockchain-based services for some groups.

Positive impacts

Stimulated innovation and investment in the blockchain industry
Provided clarity and certainty for businesses operating in the blockchain space
Legitimized the blockchain industry
Improved consumer protection
Reduced systemic risk

Negative impacts

Increased costs for businesses and consumers
Reduced access to blockchain-based services for some groups
Increased regulatory burden on businesses
Potential for unintended consequences

The ex post regulatory impact assessment found that the blockchain regulatory regime has had a mixed impact on the blockchain industry, the broader economy, and society as a whole. The regime has had some positive impacts, including stimulating innovation and investment and providing clarity and certainty for businesses. However, the regime has also had some negative impacts, including increased costs for businesses and consumers and reduced access to blockchain-based services for some groups.

Going forward, it will be important to monitor the effects of the regulatory regime and make adjustments as needed to ensure that the regime is achieving its objectives without imposing undue burdens on the industry or society.

References

Blockchain Regulatory Impact Assessment Report, European Commission, 2021
The Impact of Blockchain Technology on the Financial Sector, Bank of England, 2019
Blockchain: An Ex Post Regulatory Impact Assessment, International Monetary Fund, 2020

Regulating Blockchain?: An Ex-Post Regulatory Impact Assessment of the U.S. Blockchain Regulatory Regime

5 out of 5