Even though they are a private firm, Facebook has had a lot of interaction with regulatory bodies in the last few years. First, it was due to the Cambridge Analytica scandal with the CEO and other representatives appearing before the US Congress after it was revealed that they had been mishandling user data. Most recently, Facebook announced that they would be launching their own stablecoin and this has led to meetings with lawmakers around the world trying to clear the regulatory pathway as the make their entrance into the crypto markets.
Now their CEO Mark Zuckerberg has stated that he believes the digital assets industry needs a lot of regulation and while government regulation could be beneficial, self-regulation could be another possible route.
This information came via a Facebook post in which Zuckerberg shared some of his plans and thoughts about the new decade and this included regulations to be done within the cryptocurrency space that his company is entering.
“One of the big questions for the next decade is: how should we govern the large new digital communities that the internet has enabled,” Zuckerberg said in the post.
He pointed to the world of social media companies and mentioned that such ecosystems cannot exist without some compromise on the part of companies and that it is rarely a straightforward issue.
“[L]ike between free expression and safety, or between privacy and law enforcement, or between creating open systems and locking down data and access,” he said, “It’s rare that there’s ever a clear ‘right’ answer, and in many cases it’s as important that the decisions are made in a way that feels legitimate to the community. From this perspective, I don’t think private companies should be making so many important decisions that touch on fundamental democratic values.”
Zuckerberg went on to state that the provision of laid down laws by governments could provide more clarity than individual guidelines being developed by the companies themselves. It should be noted that cryptocurrency, for a long time, did not have much regulation and endured what is called the wild west in which many behaviors were rampantly unchecked.