Figment’s staking marketing director Robert Ellison reportedly shared his perspective on blockchain and crypto education for regulators, regulating staking and navigation in regulatorily unclarified markets. 

Specifically, per Ellison’s speech at the European Blockchain Convention (EBC) 2022, providing proper crypto education to regulators plays a vital role in minimizing the risk of unnecessarily strict legislation without having a grasp of the basics. 

The Figment executive reportedly claimed that obtaining clear knowledge is crucial due to the complicated nature of the sphere.

“This is the battle we’re fighting, and it’s interesting to see that balance geopolitically to some countries versus others, and we hope that they just really listen and learn.”

Besides regulators’ education, the duo further discussed how businesses navigate the sphere during regulatory uncertainty. A few firms decided that the best measure is to proceed with their initiatives and would rather ask for forgiveness later instead of permission in advance.

“I think that’s a business sentiment where you ask for forgiveness. You’re not going to wait. You can’t wait. You got to move forward. Some of that is riskier.”

Ellison shared further comments claiming that several territories offer increased certainty for businesses compared to others. Mentioning wrapped assets as an instance, the Figment executive explained that if the US is where you are based, getting into wrapped assets is a “riskier move” because you’re not sure if it may get regulated soon.

Upon questioning whether a regulatory framework is needed for staking to go mainstream, Ellison answered that a staking-focused framework is highly achievable. Nonetheless, the staking marketing director said that regulators do not view regulations for staking as a priority.

“It is achievable because staking, itself, is quite easy to understand in some regards of what you’re actually doing. But to answer your second question, I actually don’t think it’s a priority at all.”