The BUIDL Summit took place on March 27th and 28th in Seoul, South Korea. There were many high-ranking members of the event at the event Crypto Industry present. This year, among other things, the fight was against the increasing number of racist memecoins. In general, memecoins are intended as a harmless joke. Unfortunately, the current flood of tokens with a racist term in their name is becoming a problem.
Wallet apps should block offensive cryptos, but networks should not
A panel discussion debated the best approach to address the growing problem. Must-have apps for crypto Wallets and exchanges Filter these forbidden words? Or should they already be stopped on the blockchain?
According to Austin Federa, one of Solana’s top executives, wallet developers are allowed to create a blacklist. Many wallets are already doing this and actively filtering for spam tokens and NFTs. However, users reserve the right to find these tokens if they search for them. Based on this, he believes that the network should not and cannot even censor them centrally.
Federa made a comparison with the Internet. In his opinion, it is unrealistic to expect an ISP to filter offensive content. According to him, it would be like this Solana (SOL) network doesn’t have to do this either. In his opinion, both the Internet and the crypto industry are areas where people can move freely, whether within a legal framework or not.
Different perspectives on the problem
Marc Zeller, founder of the Aave Chan Initiative, takes a different approach.
As an example, he cites European legislation that requires the filtering of offensive content.
“In France, for example, there are legal obligations for internet providers to block certain content,” he said.
Conspiracy theories such as Holocaust denial are actively filtered there. He thinks it’s good to see that different cultures have different views on this topic. According to him, the crypto industry itself is a sector that is very careful to avoid censorship.
Solana CEO Federa then explained that some crypto organizations believe they have a legal obligation to censor content, citing the US government. Office of Foreign Assets Control (OFAC). This one has Sanctions imposed of laundered transactions and North Korean crypto wallets.
It also became clear in the discussion that while the racist coins are a problem, they are not that bad given the enormous scale of the crypto industry:
“This is very similar to situations in the United States where a hate group with 20 members protests outside a church. They make the national news and it seems big, but when you look at it, there are only 20 people who want attention,” Federa said.
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