Has Technology Finally Outpaced Government?
ChatGPT, cryptocurrencies, and AI are a few things that come to mind. When I listen to some politicians try and wrap their heads around it, I fear they will create laws and restrictions that make zero sense. It is the same with cannabis regulation; most of it makes zero sense.
The implosion of SVB this past week speaks volumes regarding having cryptocurrencies. Why did SVB make companies who take loans from the put their cash in their bank? The other banks don’t demand that. The bank implosions over the past decade should make everyone wonder; wtf is going on here? There have been over 500 bank failures since 2009.
We have been spending a fair amount of time getting bank accounts for Gotham, our cannabis business. The frustration is beyond, but we have got it done. We also have accounts for non-cannabis products at one of the largest banks in the world, which have been the worst to deal with. Fifteen phone calls, awful antiquated software, divisions not speaking to each other, and truly simple stuff that should be seamless. It is mind-boggling.
All these things add up to Government regulation. As technology gets smarter and faster, we should all wonder if technology has finally surpassed the ability of the Government to regulate it.