Why We Need Metaverse Regulations Now: A Lesson from Cryptocurrency

Understanding the Urgency of Regulation

Bradley Tusk, the CEO and founder of Tusk Ventures, has some thoughts on the Metaverse that will knock your socks off — if you’re still wearing them after roaming in a virtual world. In a recent interview on CNBC’s “Closing Bell,” he pointed out that the ongoing mess with cryptocurrency and social media highlights the critical need for proactive regulation as the Metaverse creeps its way into our lives.

Lessons from Cryptocurrency and Social Media

According to Tusk, the traditional approach has been to wait for technology to find its footing before governments step in and enforce regulations. However, that method is fraught with peril. “It’s very hard to do that retrospectively,” Tusk emphasized. Reflecting on the current hurdles of governing online platforms, he said, “The problems we have regulating technology companies now will be reproduced and amplified in the Metaverse.”

The Inevitable Arrival of the Metaverse

Tusk did not beat around the bush; he asserted that the Metaverse isn’t just a buzzword for tech enthusiasts but a reality that is already here. Just like your neighborhood diner that’s still trying to serve customers despite supply chain issues, the Metaverse is here to stay whether we like it or not. So why not tackle the potential pitfalls now instead of letting them explode like a poorly handled virtual firework display?

Crafting an Intellectual Framework for Regulation

If regulators don’t start formulating a plan now, Tusk fears we’ll end up facing a wave of backlash that will leave us all saying, “I told you so.” He suggested that before diving head-first into specific regulations, policymakers should develop a foundational framework based on existing issues in cryptocurrency and social media. This proactive approach could spare us from making the same mistakes we are currently grappling with.

Engaging Policymakers and Citizens

Tusk’s criticism of current inaction by policymakers is sharp. He urges that fundamental rights about data ownership and transfer must be established to ensure that when the Metaverse does fully materialize, citizens aren’t left out in the cold. Citizens are right to expect the government to tackle these issues before they multiply exponentially in a digital parallel universe.

The Takeaway: Do It for the Future

While not everyone agrees on the pace at which regulations should roll out, the consensus is clear: if we want to avoid a dystopian Metaverse where cyber chaos reigns, we must start thinking about and implementing regulations now. After all, a stitch in time saves nine, even in a virtual world!