Tusk Ventures CEO Urged US Authorities to Implement Regulations on Metaverse
In a February 1 appearance on CNBC's Closing Bell, Tusk urged US authorities to 'get ahead' of the metaverse and impose laws sooner rather than later.
He said: “Typically speaking, our policy has been that we wait for technology to be introduced to gain market fit and traction [before introducing regulation].” However, “It’s very hard to do that retrospectively.”
He repeated this point of view in a Mirror blog post uploaded the same day, writing:
“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.”
Legislators won't be able to design particular metaverse legislation until they have a clearer understanding of what's coming, he suggested that they should start with cryptocurrencies and social media.
“We can avoid making the same mistakes we did with Facebook, Instagram, Twitter, and social media generally if we can develop an intellectual framework for regulating the Metaverse now.”
Cryptocurrency regulation is becoming a hot topic in the halls of the Securities and Exchange Commission in the United States (SEC). According to research released on January 19 by Cornerstone Research, the SEC has taken 97 proceedings against crypto companies since 2013, with 20 of them occurring in 2021 alone.
Tusk told CNBC that lawmakers' inaction has left citizens without basic protections, despite appeals from some congresspeople and industry players for a more cohesive and consistent legal framework when dealing with cryptocurrencies.
Tusk was the campaign manager for media oligarch Michael Bloomberg's re-election campaign as Mayor of New York City in 2009. He has also served as Illinois' Deputy Governor, an early political advisor to Uber, and the Communications Director for US Senator Chuck Schumer.