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Solana Co-Founder Urges the US to Not Wait for “Perfect” Crypto Regulations

Sujha Sundararajan
Last updated: | 2 min read
Source: Adobe

Anatoly Yakovenko, co-founder of Solana and the CEO of Solana Labs, stressed the importance of the US government’s crypto bipartisan bill passed in July. However, he noted that the government shouldn’t wait for “perfect” legislation to move forward in regulations.

“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,” Yakovenko said in an interview on Monday.

The bills, advanced by two Congressional committees, aim to establish clear rules on digital assets and stablecoins on a bipartisan basis. The full House is expected to vote on these bills in fall 2023, he added.

“I hope legislators across both chambers will take these proposals seriously, work to improve them, and turn them into law.”

Yakovenko urged that Congress must continue its ongoing commitment to developing regulations without allowing “perfection” to deter innovation.

“Congress must continue stewarding these efforts to protect American technological leadership, provide important market protections, and promote a free and open internet.”

Yakovenko: Government Should Invest in Blockchain Research

Apart from legislation, the US government “should be at the forefront of investing in blockchain research and development,” Yakovenko continued.

He noted that US must catch up with European and Asian governments, which are already investing in promising blockchain projects, and must take the lead similar to how techs like GPS, rockets, and the internet were initially incubated by the US.

“Policymakers need to experiment with the technology themselves.”

A Blockdata report in 2021 said that the US tops in the top 20 countries ranked by blockchain investment, with $11.1 billion invested, followed by the UK with $1.9 billion investments.

Yakovenko further stressed the need for crafting a “good policy” for digital assets, noting that certain ethics prohibit most government officials who regulate cryptocurrencies from using them.

“Imagine trying to regulate social media without having ever opened Facebook!” he said.

“Creative Solutions”

Yakovenko suggested that “creative solutions” can make policymakers more accessible to the nascent technology. The government should make use of the potential of cryptos such as speed and cost-effectiveness in order to send humanitarian relief funds and launch decentralized networks for communications in remote areas.

“There are hundreds of ways that the U.S. government can encourage this new wave of the internet and support brilliant blockchain entrepreneurs.”