The past year has called crypto's bluff, at least on the claim that this tech would be the basis of a better, fairer, more just financial system. As legions of newcomers saw their tokens become worthless, the protocol designersWhat makes me most hopeful about crypto is its capacity to enable more creative and democratic kinds of governance for online life
Many people have concluded, with good reason, that maybe crypto really is just about evading the law to do shady stuff. I cannot yet tell my relative who lost his house in the past year's crash that anything has changed. What if the response had been different? What if crypto-world had tried to build infrastructure that is actually worth trusting? It still can. Protocol design is policy-making, and protocols can be designed with better policy. Being decentralized does not free an economic infrastructure from the need to be trustworthy and safe.
Allow me to paint a picture of what a serious response to the crypto collapse would look like. There are projects out there exploring each of these things—but none of them have reached the level of confidence-inducing, systemic change.something like deposit insurance for crypto protocols. This and similar protections should be obvious. Average participants will not have much power in protocols through governance processes, so they should have confidence that the protocols will not rug-pull them.
standards. But standards-setting should support, not inhibit, the kinds of governance innovation that sets crypto apart.Before state courts get involved, participants should have a chance to bring their grievances before a well-designed, independent, decentralized court system. Tools like
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