Anatoly Yakovenko, a co-founder of the Solana platform, highlights the necessity of crypto regulation in the US. He emphasizes Congress’s role in promoting innovation and protecting US technological leadership, reported in Fortune magazine.
Anatoly is an individual who uses blockchain technology to innovate and revolutionize data storage and transfer. Blockchain ensures secure and efficient movement of information. His vision is to create an inclusive global network. This network provides equal access to all individuals and cannot be controlled or restricted by any single entity.
Anatoly mentioned that I come across ambitious entrepreneurs daily.
He claims that starting a regular company is often portrayed as an easy and affordable endeavor. But, when it comes to launching a blockchain-based company, the challenges increase in terms of difficulty and cost.
In his view, finding a viable route towards regulatory certainty remains elusive. The lack of clear guidelines poses a terrifying prospect for young entrepreneurs as major corporations struggle to navigate the complex legal landscape. They find themselves wondering how their small-scale projects can survive.
As a result, new entrepreneurs have to make difficult decisions. They should stay in the US or move to other countries where the legal framework provides greater clarity.
US Must Take Action Rapidly On Crypto Regulations To Retain Its Digital Edge
To attract and keep top talent in the ever-evolving digital landscape, the US must enact a regulatory framework that fosters entrepreneurial opportunities. In support of this endeavor, Congress introduced two bills in July 2021.
These bills aim to establish regulatory structures for digital assets and stablecoins. Anatoly acknowledges that these bills may not be flawless. But he believes they offer an improvement over having nothing at all. He further encourages legislators to refine and enact them into law.
He also suggests increasing investments in blockchain research and development would benefit the US government. According to him, throughout history, numerous vital technologies were initially supported by the US government.
He highlights that various countries already invest in and experimenting with blockchain technology. Anatoly advises the US to follow suit to maintain a competitive edge.
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“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”
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