In her speech at the Consensus 2023 conference, PepsiCo Head of Innovation Kate Brady highlighted the urgency of regulatory clarity in the Web3 space.
Reddit, Starbucks, Nike, Adidas, PepsiCo and hundreds of brands have leveraged the Web3 and NFT ecosystem over the past year as a way to deepen relationships with their audiences and customers. However, Brady said at the Consensus 2023 conference that regulatory enforcement activities in the US have not removed regulatory uncertainty, which is the biggest challenge for implementing Web3 strategies.
Kate Brady: Needs Regulatory Clarity
Regulatory clarity is needed to help recruit the next generation of Web3 consumers, according to Kate Brady, PepsiCo Head of Next Generation DTC Connections and Innovation.
“We have to restructure ourselves to comply with current regulations, and unfortunately these are outdated and based on the written securities laws of the 1940s,” said Kate Brady.
Agreeing with Brady, Serotonin CEO Amanda Cassatt highlighted that regulatory clarity will drive growth.
Cassatt pointed out that the long-awaited Crypto Asset Markets (MiCA) legislation passed by the European Parliament last week makes a distinction between centralized and decentralized projects in the field. “I think we’re going to see some of the best, highest quality regulations coming out make that distinction, which is super cool and will drive people towards decentralized blockchain technology,” Cassatt continued.
Shiva Rajaraman, chief operating officer of NFT platform OpenSea, said brands are making an effort to shift the language from crypto-specific terms to more general terminology to reach a wider range of customers.
Rajaraman said it’s critical for brands to find their own language and easy-to-use ways to reach new audiences. Rajaraman continued: “Maybe it’s about the intersection between a brand’s sewing and what they want their community to say and do. Start with that, and then try to position Web3 principles and artifacts on it.”
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