Solana Co-Founder Urges U.S. to Establish Regulatory Framework for Crypto
Solana co-founder Anatoly Yakovenko is warning that the U.S. is at risk of losing its high-tech dominance as blockchain developers seek regulatory clarity and safe havens elsewhere. In an op-ed for Fortune, Yakovenko called on politicians to support two proposals that passed the House Financial Services Committee in July 2023.
Proposals for Regulatory Clarity
The first proposal suggests putting the Commodity Futures Trading Commission (CFTC) in charge of regulating the crypto market, while the second proposal outlines regulatory requirements for stablecoins. Although Yakovenko acknowledges that these bills are not perfect, he emphasizes the importance of voting on them to maintain competitiveness in the global blockchain industry.
Risk of Losing the Tech War
Yakovenko warns that without regulatory clarity, the U.S. could lose the tech war as blockchain developers and investors seek more favorable environments. He cites data from Electric Capital, which shows a decline in the number of blockchain developers in the U.S. since 2017.
“The bills aren’t perfect. No legislation is. As a country and as an industry, we cannot let perfect be the enemy of the good.”
Anatoly Yakovenko
Hot Take: U.S. Must Act Now to Retain Blockchain Talent
The U.S. must establish a cogent regulatory framework to attract and retain top talent in the crypto space, according to Solana co-founder Anatoly Yakovenko. The passing of two proposed bills would provide much-needed regulatory clarity for the industry while balancing consumer protection and innovation. Failing to vote on these bills risks losing high-tech dominance and blockchain developers to other countries. Yakovenko’s call to action highlights the urgency of addressing regulatory concerns to maintain competitiveness in the rapidly evolving world of cryptocurrencies. The declining number of blockchain developers in the U.S. underscores the need for immediate action. Time is of the essence in securing a safe harbor for the crypto industry in the United States.
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