In a new interview with Yahoo Finances Zack Guzman, Terraform Labs co-founder DoKwon describes cryptocurrency regulation, venture capital, and the proceedings his company has just filed against the SEC.
ZACK GUZMAN: Welcome to the Yahoo Finances All Markets Summit. We’ve talked about the answers to the questions all day, so let’s focus on some of the markets that may have caused more problems than anything else. We will also fix many available factors this year. It can be a cryptocurrency and is part of the component supported by AMS using grayscale.
We are delighted to be able to move Do Kwon, CEO and co-founder’s father of Terraform Labs, to the current software. Of course, he is the leading trading company behind Terra and its cryptocurrency LUNA, and after rising over 6,000% in 12 months, he is the 10th largest in the world after Bitcoin. Thank you for staying up late. Please tell us about the choices you made there to go to the SEC for a crime.
DO KWON: So I can’t talk about the proceedings and investigations in progress, but I would like to repeat the discussions with regulators around the world and teach them the appropriate issues and cryptocurrency capabilities.
ZACK GUZMAN: Yes, I won’t go into the details of this case, but of course, there seemed to be some issues documented in the presentation. But I’m betting more broadly on the connections between some of these core Defi tasks at this point and what it says about how the SEC is clearly cracking.
DO KWON: Throughout this story and change, I usually seem to be using a framework that can accept innovation and change a bit more. And as long as we know that the right technology and framework are adhered to, we’re happy to be part of the story.
ZACK GUZMAN: So is it a difficult factor to support when going back and studying it, that is, having regulators follow their own guidelines when figuring out what’s going on with crypto?
DO KWON: Yes. It sits a few. Most of the Defi protocols I’ve created here at Terra are my work as a toymaker, and as you know, I’ve created many exciting Defi protocols that define the country of artwork with the phrase what it is. We do it with our cash and our cheap products. Therefore, I think it will take some time and effort to get used to it.
ZACK GUZMAN: But when studying LUNA and UST, boys’ stable currencies have grown six times faster than tethers in the last 12 months and are now funded by the use of cryptocurrencies rather than the use of real assets. Is currency… MOON itself?
So what does it mean to separate Defi from the need for stable coins that come into direct contact with banking devices?
DO KWON: Of course. Therefore, we are undoubtedly at an important moment in both cryptocurrencies and mainstream financing. It seeks to create a decentralized financial system that is difficult to censor and politicize.
And it’s basically a kind of interim paper behind what Terra is working on, in the sense that it has stable coins that can be fixed in some unique fiat currencies, including the US dollar, Korean won, and SGD. is. , Such. It is completely decentralized and cannot be censored.
ZACK GUZMAN: The question is if some of these emerge as a regulatory goal, what do we do because if the mirror protocol cannot be implemented that way, it can affect the increase in UST? So how important is that part of what Terra is doing?
DO KWON: Well, I have to reiterate that no matter which regulator considers the issue, there is no alternative to the mirror protocol. In other words, the mirror is said to be decentralized, but its miles are fully decentralized.
There is nothing the author can do to limit the growth of the protocol or clients interacting with it. I think some of the issues that can occur are that regulators may try to limit the emergence of some front-ends, such as censoring applications or removing them from the app store.
However, it is difficult to do so while there is a network that stimulates the success of many of these applications. And even in the case of Mirror, there are dozens of applications that use that composition to create all the exclusive theme styles.
ZACK GUZMAN: So exactly how decentralized is Terra? Perhaps some of these various Defi projects? Is it also possible that regulators are not just part of what you control, but that companies are driving this?
DO KWON: It was great to see the assets start at $ 0.01 and move to $ 12. You cannot close the protocol because you do not have an operator key in the protocol.
ZACK GUZMAN: If we might study a business, venture capitalists must support it too. Together with Mike Novogratz from GalaxyDigital, Coinbase Ventures, and Polychain Capital, you have raised cash under some great names. So is there a concern that if regulators remain competitive as before, some of their capital could be depleted?
DO KWON: No.
ZACK GUZMAN: Simply put, it’s not. There is no warning sign. Is it happening?
DO KWON: Well, I didn’t have to do that, so I didn’t raise long-term cash. But Terra is one of the groups I don’t think will continue at all through Mission Capital.
Many of the largest owners you know, LUNA tokens, and many of our various possessions are undoubtedly just away from the network. So if you want to trade higher than Novogratz, it’s much smoother to complete.
ZACK GUZMAN: Yeah, of the many possibilities highlighted at the Yahoo Finance All Markets Summit, I find it difficult to understand. But Do Kwon, CEO, and co-founder of Terraform Labs. Thank you for chatting here. Take care of yourself.