Policy Responses
At de la Roche W. Consulting, we believe that dialogue between the industry and regulators is crucial for advancing adoption and crafting regulations that balance innovation with consumer protection. Our team is actively engaged in producing detailed policy responses that reflect our commitment to fostering a regulatory environment conducive to technological progress. In addition to responding to public consultations, we conduct training sessions with regulators to ensure a mutual understanding of emerging technologies. We have provided feedback and input to governments in Europe, North America, Latin America and the MENA region, helping to shape policies that reflect the unique needs and challenges of these markets.
The list of our policy responses below is not exhaustive, as some are confidential and delivered directly to our clients.
Data Act Open letter
The Data Act Open Letter, crafted by leaders in the technology and blockchain industry, called for a revision of the Data Act to safeguard technological neutrality and ensure the adaptability of regulations across different technologies. It highlighted concerns that the language around Smart Contracts, particularly those based on public/permissionless blockchains, may unintentionally restrict their use and bring about uncertainty for existing implementations. The suggestions aimed to ensure that all technological solutions receive equal treatment, promoting an environment that encourages innovation and growth while aligning with the EU's principle of technological neutrality.
Joint reply ACPR consultation
The Joint Reply Initiative, led by industry leaders, was a united response to the ACPR's exploration of regulatory responses to Decentralized Finance (DeFi). This collaborative effort sought to address the ACPR's report, which discussed the potentials and challenges of the DeFi ecosystem, by advocating for a regulatory approach that nurtures innovation while ensuring consumer protection. The initiative underscored the importance of adaptable, proportional regulations that accommodate the unique aspects of DeFi, emphasizing the need for certification mechanisms for public blockchains and smart contracts, and advocating for a dialogue between the blockchain industry and regulatory bodies to develop a balanced regulatory framework that supports the growth of the digital economy. https://europeanblockchainassociation.org/2023/06/01/a-collaborative-industry-response-to-the-apcr-consultation- report-on-decentralized-finance/
Joint response to the ESMA consultation on MiCA RTS
Our key request was to ensure that the future sustainability indicators are designed to be applicable across all consensus mechanisms. This approach is essential for fostering transparency, comparability, and accountability within the crypto-asset sector. While we can draw inspiration from existing frameworks like CSRD and SFDR, it’s crucial to emphasize that a simple copy-and-paste approach won’t work. We must consider the unique characteristics of blockchain and conduct a thorough feasibility assessment before implementing these indicators. It’s imperative that we develop methodologies that issuers and CASPs can realistically and effectively implement” says Mariana de la Roche-Wills. “The significance of conducting a feasibility study to ascertain the practicality of these regulations in the crypto space is a must. We understand that for any regulation to be effective, it must be implementable and realistic within the crypto industry’s unique ecosystem
A joint response to the Autorité des Marchés Financiers (AMF)
The initiative involved leaders in the blockchain space responding to the Autorité des Marchés Financiers (AMF)'s consultation on potential DeFi regulation. It represented a concerted effort by industry stakeholders to engage with regulatory discussions, aiming to shape a regulatory framework that balances innovation in the blockchain industry with investor protection and market growth. The response tackled key issues such as permissionless vs. permissioned blockchain protocols, smart contracts, open-source software usage, risk assessment of DeFi activities, and the definitions and regulations of decentralized exchanges and automated market makers, underscoring the importance of defining decentralization and control degrees within the DeFi landscape.
