A change in the original version of Web3?

Chief Operations Officer of the Web3 Foundation, Bertrand Perez, one of the corporations at the back of the Polkadot blockchain, stated a sure stage of law turned into essential withinside the crypto area so long as the ones accountable left room for innovation. Speaking on the Paris Blockchain Week on Wednesday, Perez stated he noticed some regions of an issue on the subject of regulating the area, which includes a current draft invoice from the European Parliament on non-custodial wallets however overall, the ones withinside the enterprise are looking to assist policymakers to apprehend Web3. According to the Web3 Foundation leader, a few lawmakers are nonetheless making decisions “too speedy or while not having education” in the area. However, the Facebook-subsidized Libra venture in 2019 might also additionally had been the catalyst many withinside the EU had to apprehend the urgency to transport ahead with a regulatory framework.

“We need to be aware that we need to evolve in a world where regulation is not necessarily bad,” said Perez. “You need certain level of regulation for protection, right? The key point is where you draw the line and we try to help drawing the line in a place that makes sense for the regulators so there are enough frameworks and protections from their perspective while leaving innovation growth.”

The Web3 Foundation COO added that the story around crypto being used for illicit activities was one of the major problems. When that was solved, stated by Perez, regulators could “start talking digging more into the technology” and input different applications and features in a framework:

“I think it's important that policymakers are involved. Not only regulators because policymakers are really the representative of the people [...] I would tell them that we are here facing a real paradigm shift in terms of technology, we're maybe in front of something bigger than the internet and the value that that can generate is at least the value of Internet.”

Now does this mean a change in the original version of Web3? What about the idea of every individual having total control? Personally, the idea of complete control of data is a right. It is however true about the lawmakers having to deal with illicit activities done by using crypto, but shouldn't the idea of setting up a framework that bans illicit activities rather than once again incorporating policymakers to represent an individual.