Select committee cryptocurrency inquiry adviser Jeremy Muir on what may come out of the inquiry, what the local industry is up to & the battle over the future of money
There's no silver bullet law that parliament could pass to cover off all the good and bad aspects of the crypto and blockchain industry, according to an adviser to the parliamentary select committee running a cryptocurrency inquiry.
Speaking in the latest episode of interest.co.nz's Of Interest Podcast, MinterEllisonRuddWatts partner Jeremy Muir discusses a wide range of crypto-asset related issues.
A leading lawyer for cryptocurrencies, digital tokens and coins, non-fungible tokens (NFTs), and other blockchain projects, Muir is one of two special advisors to the finance and expenditure committee for its crypto inquiry.
"Our role now is to write a report that will be delivered to the committee. It has been taking time because it's a very fast moving space, so as soon as you write one thing something else comes along. But we are nearly done, that will be delivered shortly. Then the next stage will be for the politicians and the select committee officials to write their report, which will then be tabled [in the House] together with our advisers' report," Muir says.
"The thing to note, and this will certainly be reflected in our report, is that because this is a very fast moving area, there is not necessarily a great advantage to being a fast mover when it comes to writing new laws," says Muir. "New laws may become out of date almost instantly, or they will be compared to new laws in other jurisdictions perhaps favourably, perhaps unfavourably. But it is a real chess game to decide when it is actually helpful to do so."
"We will certainly be counselling as part of our report that there isn't a single easy fix, there isn't a single crypto act which will make all of the scams and problems go away whilst also encouraging innovation in the industry," Muir says.
In the podcast Muir also discusses the New Zealand blockchain scene, the Financial Markets Authority's attitude to the industry, NZ regulatory gaps, overseas regulations, stablecoins, and the "battle brewing over the future of money."