Bradley Tusk, Tusk Ventures CEO and founder, indicates that the inability to regulate social media and cryptocurrency effectively in the United States is a lesson to not repeat social media mistakes with the Metaverse regulations.
Therefore, the issues will not be replicated but amplified.
The interview on CNBC’s “Closing Bell”, that took place on February 1st, was when Tusk explained the need to get ahead of the Metaverse and execute regulations as soon as possible.
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We know the Metaverse is coming — it’s already here in some ways. We know it’s got all the problems of the internet, probably times five or ten. So why don’t we think about it now, and get ahead of it?
He also points out that they are waiting for technology to be introduced to gain market fit and power, before showing regulation, but it’s not the easiest thing to do accordingly.
In a Mirror blog post, Bradley Tusk talks about rights, protection, censorship, and other related factors. Also explaining what is Metaverse in general:
Up to this point, technology has mostly been about building tools and experiences. Now we’ll be building worlds. And though they won’t be completely divorced from the physical world like, say, Animal Crossing, the boundaries between the real and the virtual will be in flux. Each Metaverse will draw these boundaries to suit its particular purposes.
He notes that before the policymakers have a better sense of what’s coming for the Metaverse, they should look at social media and cryptocurrency for clues.
The problems we have regulating technology companies now will be reproduced and amplified in the Metaverse. You think policing state-sponsored disinformation is hard on Facebook and Twitter? Wait until you try it in 3-D.
A January 19th report shows that SEC brought a total of 97 enforcement actions worth $2.35 billion between 2013 and 2021. So, crypto regulation is an increasingly popular topic among the U.S. Securities and Exchanges Commission.
Tusk also told CNBN that civilians lack fundamental protection, despite requests for a more rigorous regulatory framework from industry figures.
Questions of your right to own your data also call into question how to protect your data in the Metaverse. The Metaverse may exist outside of sovereign borders and jurisdictions, but it will be hard to function effectively if companies have to adhere to different privacy standards for users sitting in different jurisdictions.
He also briefly talks about how “common privacy standards are needed, at least within and across the United States”.
Besides his position nowadays, Tusk was an important investor in Coinbase, Uber, and Lemonade. He also was a manager at Bloomberg, and had a lot of other experiences along the way.