CoinDesk Reports

“I think getting smart on crypto is one of the biggest business development opportunities for advisers of the next handful of years.”

Joining “On Purpose” host Tyrone Ross is Matt Hougan, CIO of crypto asset manager Bitwise. Hougan and Ross discuss Bitwise and ETF Trend’s joint benchmark survey of adviser attitudes towards the crypto asset class. The report surveyed over 600 advisers and revealed key indicators of the Registered Investment Advisor (RIA) industry’s perceptions of crypto.

How many advisers have personal crypto holdings? Why is there a discrepancy between advisers’ personal holdings and client allocations in crypto? What factors are holding advisers and investors back?

Adviser engagement with crypto assets is on the rise, but client involvement is lagging behind. Continued education is key to relieving concerns on regulation, volatility and more surrounding crypto.

Retail and institutional investors alike have a significant presence in crypto. Will 2022 finally be the year the RIA industry joins them?

This show is produced, announced and edited by Michele Musso with additional production support from Eleanor Pahl. Our Theme song is “Walk With Swag.”

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With PayPal recently announcing crypto services for millions of customers, it seems the crypto industry has passed another acceptance milestone.

But, with that acceptance comes greater responsibility, says Ajit Tripathi, a long-time consultant working at the top of the industry.

Going forward, crypto can expect greater regulatory scrutiny and higher compliance costs. Times ten, says Tripathi.

On the Opinionated podcast this week, Tripathi discusses his recent op-ed “Bitcoin Is Good for PayPal, but Is PayPal Good for Bitcoin?” where he compares the costs of setting up a neobank in the U.K. (like Monzo) with creating a DeFi protocol this summer.

At the moment, the former comes with millions in compliance costs and the latter comes with none, and customers are not protected, he says.

As mainstream players, like PayPal, enter the market, Tripathi argues it’s inevitable that regulators will intervene. After the last financial crisis and following the ICO run-up, they feel obliged to take notice.

Listen in as Tripathi describes the regulatory challenges facing the industry as it becomes more popular.

Find Ajit online: twitter.com/chainyoda

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This episode is sponsored by Nexo.io, Quantstamp and EY.

“While there is quite a bit of interest, there's still quite a bit of skepticism” when it comes to crypto solutions for humanitarian aid, Jeremiah Centrella says.

Joining “Money Reimagined” hosts Sheila Warren and Michael Casey is Jeremiah Centrella, a partner at the law firm of Nichols Liu and former general counsel at Mercy Corps. Centrella explains where humanitarian aid organizations are on their journey of exploration of crypto and the value proposition these organizations provide for the crypto ecosystem.

Centrella identifies the common hesitancies organizations experience before considering crypto, including a fear of the more negative narratives surrounding crypto. Increased awareness, education and technology integration can help crypto solutions take hold.

The many complexities of humanitarian aid solutions prove a challenge for crypto integration. A carefully crafted solution, always with the needs of the people prioritized over the technology, must be flexible and adaptable in order to best assist those in need.

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Quantstamp is the leader of blockchain security, having secured over 100 billion USD worth of digital assets. Visit quantstamp.com to learn why top DeFi projects like Maker, Compound and BarnBridge trust Quantstamp to secure the financial infrastructure of tomorrow. Learn more at quantstamp.com/blog.

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EY is proud to sponsor “Money Reimagined.” As businesses prepare for the token economy, EY is committed to building a better working world and connecting global business ecosystems on the public Ethereum blockchain. To learn more about the EY Blockchain portfolio of products and services, visit blockchain.ey.com.

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Consensus 2022, the industry’s most influential event, is happening June 9–12 in Austin, TX. If you’re looking to immerse yourself in the fast-moving world of crypto, Web 3 and NFTs, this is the festival experience for you. Use code MoneyReimagined15 to get 15% off your GA and Pro pass at www.coindesk.com/consensus2022.

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This episode was produced and edited by Michele Musso with announcements by Adam B. Levine and additional production support by Eleanor Pahl. Our theme song is “Shepard.”

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode is sponsored by Nexo.io and Quantstamp.

Explorations into digital currency technologies will shape the evolution of the global financial system, so understanding the African continent’s approach to money is key.

Joining this episode of “Money Reimagined” with hosts Sheila Warren and Michael Casey is Elizabeth Rossiello, CEO of African fintech firm AZA Finance. Rossiello previously joined the show in 2020 to discuss international crypto adoption.

AZA announced this week a partnership with exchange FTX to build continent-wide infrastructure, education programs and crypto solutions to help accelerate Africa's integration into the emerging Web 3 economy.

Though there were challenges, innovative solutions were found to implement effective digital payment solutions across the continent. How will crypto’s influence impact Africa in the coming years?

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Quantstamp is the leader of blockchain security, having secured over 100 billion USD worth of digital assets. Visit quantstamp.com to learn why top DeFi projects like Maker, Compound and BarnBridge trust Quantstamp to secure the financial infrastructure of tomorrow. Learn more at quantstamp.com/blog.

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This episode was produced and edited by Michele Musso with announcements by Adam B. Levine and additional production support by Eleanor Pahl. Our theme song is “Shepard.”

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In our weekly Money Reimagined podcast, Sheila Warren and I talked to two outside-the-box thinkers on their ideas for improving governance.

Quadratic Voting and Open Auctions

One of our guests was Glen Weyl, the political economist and Principal Researcher at Microsoft Research New England, who co-authored the book “Radical Markets” with University of Chicago Law School professor Eric Posner. We chose to focus on just two of the many ideas that that book puts forward.

One is quadratic voting, which allows people not only to vote for or against a particular issue but to express how strongly they hold that view by buying extra votes – up to a certain limit of assigned credits. The cost in credits of each additional vote increases by a quadratic formula. It’s designed to help small groups of voters who care deeply about particular issues while still constraining them from overly skewing results.

Weyl has also worked on a variation of the concept with Ethereum founder Vitalik Buterin called quadratic funding, which in theory could diminish the influence of wealthy “whales” in voting systems that are based on financial holdings or contributions.

The second big idea we explored is that of perpetual open auctions. Here, every bit of property, including what we might otherwise think of as public property, is owned by private entities with the proviso that it is always up for auction and that the majority of the value created from it is shared equally among citizens as a social dividend.

Weyl and Posner argue that such an arrangement would incentivize owners to manage the property well, and that the wider distribution of wealth creation would give a greater number of people the wherewithal to start businesses. It would also be easier to develop land for infrastructure, such as high-speed rail lines, because the developer could easily acquire it.

Both of these ideas are rooted more in legal and process innovation than in software and distributed computing per se. But they intersect nicely with concepts associated with the crypto and blockchain space.

One is the potential for self-sovereign identity models to prevent people from gaming quadratic voting. Another is the potential enhancements that smart contracts, non-fungible token-based property, and decentralized finance (DeFi) concepts such as automated market-making might bring to open auctions. Also, quadratic funding might fix free-rider problems in blockchain projects, Buterin believes.

Smart taxation

Our other guest was Jeff Saviano, the global lead of tax innovation at EY. He is a member of the Prosperity Collaborative, within which organizations such as the World Bank, MIT Media Lab’s Connection Sciences lab and the New America Foundation are working with governments to improve transparency and efficiency in the collection and distribution of taxes.

Saviano talks of how blockchain-based tracing systems might not only give taxpayers a transparent view of how their taxes are being spent but also incorporate programmability.

For example, the actual, uniquely identified dollars that you contribute could be channeled directly and transparently into identifiable services that immediately benefit you and your community. Or, governments could use smart contracts to put hard constraints on those dollars, so only certain categories of expenditure, and not others, are enabled.

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