Solana Co-Founder Urges Swift Crypto Regulation Action in the US

  • Solana Co-Founder Anatoly Yakovenko emphasizes the importance of swift crypto regulation.
  • Yakovenko calls for congressional action while acknowledging no legislation is perfect.
  • He urges the US government to invest in blockchain research and foster innovation.

Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, has emphasized the need for the US government to swiftly implement crypto regulations. While he acknowledges the importance of the bipartisan crypto bill passed in July, Yakovenko believes that waiting for “perfect” legislation could stifle innovation.

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In a recent interview, Yakovenko expressed his views on the ongoing efforts to regulate digital assets in the United States. He noted that while the proposed bills may not be flawless, perfection should not be the enemy of progress. In fact, he urged lawmakers in both chambers of Congress to take the proposals seriously, work on improvements, and ultimately turn them into law.

The bipartisan bills, which have advanced through two Congressional committees, aim to establish clear regulations for digital assets and stablecoins. The full House is expected to vote on these bills during the fall of 2023.

Yakovenko Expects True Commitment From US Congress

Yakovenko stressed that Congress should remain committed to developing regulations that protect American technological leadership, ensure market stability, and promote a free and open internet. He emphasizes the importance of not allowing the pursuit of perfection to hinder the advancement of the crypto industry.

Beyond regulatory matters, Yakovenko advocated for greater investment by the US government in blockchain research and development. He pointed out that countries in Europe and Asia are already investing heavily in promising blockchain projects and suggested that the US should take a leading role in this field, similar to its historical involvement in technologies like GPS, rockets, and the internet.

Yakovenko encouraged policymakers to actively engage with blockchain technology and explore its potential applications. He also highlighted the need for a “good policy” for digital assets, considering that many government officials who regulate cryptos may not use them, drawing a parallel to regulating social media without experiencing platforms like Facebook.

In conclusion, Yakovenko proposed “creative solutions” to make policymakers more receptive to blockchain technology. He suggested that cryptos’ speed and cost-effectiveness could be leveraged for humanitarian relief efforts and the establishment of decentralized communication networks in remote areas. He believes that the US government has numerous opportunities to support innovative blockchain entrepreneurs and foster the growth of this emerging industry.

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