The memecoin sector has been plagued with the introduction of tokens featuring offensive words. The issue was the center of discussions at the recent panel session held at the BUIDL Asia Summit in Seoul. Experts and investors alike including the Solana Foundation shared various possible solutions to the issue.
Solana Foundation makes pledge against banned words
One of the most integral points discussed was whether DeFi exchanges and applications could introduce features to eliminate such tokens. Solana Foundation’s Head of Strategy Austin Federa opined that wallet developers should be given the option to establish a block list. He also pointed out that most wallets in the sector have measures to screen out such tokens and NFTs.
The Solana Foundation Head of Strategy also noted that users should also be given an option whether or not to access such tokens, while still enjoying a permissionless core network. He used the analogy of internet service providers coming up with a feature to screen out offensive content. He stressed that it is integral to maintain a permissionless network where decisions related to content visibility are made by the applications.
Presenting a contrasting view, the founder of the Aave Chan Initiative March Zeller mentioned that European laws play a pivotal role in these issues. He made an example of French ISPs blocking content related to Holocaust denialism while acknowledging the difference in the cultural approach to moderating content and the background work involved.
Perspectives on free speech and censorship
The debate also included the core ethos of blockchain technology to help resist censorship and support free expression. However, Federa opined that some validators and nodes are required by law to censor some content. For example, the Office of Foreign Assets Control (OFAC) also imposes sanctions on some transactions in the crypto space.
However, these discussions did not proceed without some elements contesting it. Some individuals raised proposals to penalize nodes that censor content as directed by regulations. Despite racist memecoins garnering a lot of attention, Federa noted that they have done relatively small harm in the wider crypto industry.
Federa made an example of a small-sized hate group trying to make it to news headlines despite having little to no influence. He suggested that these tokens built to seek attention may not significantly be considered in the wider crypto market. The panel session at the event mirrored the ongoing discussion across the crypto market about free speech and its relationship with regulatory compliance.
