{"id":103866,"date":"2023-09-20T08:24:37","date_gmt":"2023-09-20T08:24:37","guid":{"rendered":"https:\/\/www.techopedia.com"},"modified":"2023-10-26T09:10:15","modified_gmt":"2023-10-26T09:10:15","slug":"solana-co-founder-urges-u-s-not-to-wait-for-perfect-regulations","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/solana-co-founder-urges-u-s-not-to-wait-for-perfect-regulations","title":{"rendered":"Solana Co-founder Urges U.S. Not to Wait for \u2018Perfect Regulations&#8217;"},"content":{"rendered":"<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/solana-sol\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Solana<\/span><\/a><span data-preserver-spaces=\"true\"> (SOL) co-founder Anatoly Yakovenko believes the U.S. government should not wait for &#8220;perfect&#8221; legislation to regulate the <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/23367\/digital-asset\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">digital asset<\/span><\/a><span data-preserver-spaces=\"true\"> sector\u2014instead, the crypto veteran advocates for a pragmatic <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/crypto-regulation-challenges\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">regulatory framework that promotes innovation while protecting consumers<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a recent opinion article\u00a0<\/span><span data-preserver-spaces=\"true\">published in Fortune<\/span><span data-preserver-spaces=\"true\">, Yakovenko, the CEO of Solana Labs, said that the U.S. is <a href=\"https:\/\/fortune.com\/2023\/09\/18\/solana-next-great-american-founder-america-congress-regulate-crypto-lawmakers-anatoly-yakovenko\/\" target=\"_blank\">grappling with a concerning trend as more founders leave the country<\/a> to pursue their entrepreneurial ambitions.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today, Solana Labs co-founder <a href=\"https:\/\/twitter.com\/aeyakovenko?ref_src=twsrc%5Etfw\" target=\"_blank\">@aeyakovenko<\/a> called for U.S. policymakers to clarify regulations around blockchain technology in order to maintain technological innovation in the U.S. and better support web3 entrepreneurs.<\/p>\n<p>Read more in <a href=\"https:\/\/twitter.com\/FortuneMagazine?ref_src=twsrc%5Etfw\" target=\"_blank\">@FortuneMagazine<\/a> \ud83d\udc47  <a href=\"https:\/\/t.co\/RwJNt4tu97\" target=\"_blank\">https:\/\/t.co\/RwJNt4tu97<\/a><\/p>\n<p>&mdash; Solana (@solana) <a href=\"https:\/\/twitter.com\/solana\/status\/1703805292939444582?ref_src=twsrc%5Etfw\" target=\"_blank\">September 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The Solana mastermind said that the U.S. has seen a significant decline in <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/3294\/open-source\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">open-source<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/30246\/blockchain\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">blockchain<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/17095\/developer\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">developers<\/span><\/a><span data-preserver-spaces=\"true\">. Citing data from Electric Capital, he said that the percentage of blockchain developers in the country has dropped from 42% in 2018 to 29% in 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One primary reason behind this is the country&#8217;s <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/how-crypto-regulations-shape-market-sentiment-and-drive-prices\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">lack of regulatory clarity<\/span><\/a><span data-preserver-spaces=\"true\">. While it is crucial to\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/10-most-common-cryptocurrency-scams\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">combat scams<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and fraudulent activities in the digital asset space, it is equally important not to penalize an entire industry for the actions of a few bad actors, Yakovenko said.\u00a0<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">&#8220;Many of us are here because we want to create real value \u2014 and we want American values at the foundation of the world\u2019s most impactful companies. Imagine if Google had been founded in Russia, or Reddit had been founded in China. How different would the internet look today?&#8221;<\/span><\/p><\/blockquote>\n<h2><span id=\"us_needs_to_proceed_with_available_crypto_bills\">U.S. Needs to Proceed With Available Crypto Bills<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In July, the United States House Financial Services Committee advanced two bills to establish regulatory frameworks for digital assets and <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/stablecoin\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">stablecoins<\/span><\/a><span data-preserver-spaces=\"true\"> bipartisanly. On July 26, most U.S. lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The first bill would establish rules for crypto firms regarding when to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The bill also defines a process for firms to certify that their projects are adequately <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/decentralization\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">decentralized<\/span><\/a> with the SEC<span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The second bill\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/emmer.house.gov\/2021\/8\/emmer-introduces-legislation-to-provide-clarity-for-blockchain-innovators\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">aims<\/span><\/a><span data-preserver-spaces=\"true\"> to set guidelines removing hurdles and requirements for &#8220;blockchain developers and service providers&#8221; such as <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/31867\/bitcoin-mining\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">miners<\/span><\/a><span data-preserver-spaces=\"true\">,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/the-evolution-of-crypto-wallets-exploring-the-history-and-future-of-secure-storage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">multi-signature service providers<\/span><\/a><span data-preserver-spaces=\"true\">, and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/34630\/decentralized-finance-defi\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">decentralized finance<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(DeFi) platforms.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Yakovenko said that as the full House prepares to vote on these bills in the coming months, it is essential to acknowledge that no legislation is perfect. However, the pursuit of perfection should not hinder progress. He said that Congress needs to continue its efforts to protect America&#8217;s <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/2\/29905\/it-business\/it-careers\/8-ways-to-become-an-it-leader\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">technological leadership<\/span><\/a><span data-preserver-spaces=\"true\">, ensure market integrity, and promote an open and free internet.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">&#8220;I applaud the efforts of members from both parties to move these bills forward, and I hope legislators across both chambers will take these proposals seriously, work to improve them, and turn them into law.&#8221;<\/span><\/p>\n<h2><span id=\"us_needs_to_invest_in_blockchain_research_and_development\">U.S. Needs to Invest in Blockchain Research and Development<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Beyond legislation, Yakovenko also emphasized the need for the U.S. government to invest in <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/why-blockchain-projects-fail-and-how-companies-can-succeed\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">blockchain research<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and development actively. He noted that in the past, numerous groundbreaking technologies such as\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/1936\/global-positioning-system-gps\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">GPS<\/span><\/a><span data-preserver-spaces=\"true\">, rockets, and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/2419\/internet\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">the internet<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0were initially nurtured by government initiatives.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">European and Asian governments have already recognized the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/industry-views-the-top-use-cases-for-blockchain-technology\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">potential of blockchain<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and are allocating resources accordingly, the Solana co-founder said. The European Commission, for instance, operates a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/immutable-ledger\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">digital ledger<\/span><\/a><span data-preserver-spaces=\"true\"> sandbox to explore public-private partnerships, he said, adding that the U.S. should follow suit.<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">&#8220;Policymakers need to experiment with the technology themselves. Ethics rules prohibit most government officials who regulate digital assets from using them. This makes it tough to craft good policy: Imagine trying to regulate social media without having ever opened Facebook!&#8221;<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">Yakovenko said that the U.S. government could leverage the speed and cost-effectiveness of <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cryptocurrencies<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/proof-of-care-why-humanitarian-aid-can-begin-on-the-blockchain\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">\u00a0distribute humanitarian relief funds<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0or establish decentralized communication networks in areas with limited connectivity.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the potential for the U.S. government to support and encourage the growth of the internet&#8217;s new frontier is vast. &#8220;I welcome an open conversation with policymakers about <a href=\"https:\/\/www.techopedia.com\/definition\/4923\/web-30\">Web3<\/a>, its potential, and yes, its pitfalls. Let&#8217;s keep builders building in America.&#8221;<\/span><\/p>\n<h2><span id=\"regulatory_ambiguity_pushes_crypto_outside_the_us\">Regulatory Ambiguity Pushes Crypto Outside the U.S.<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Regulatory ambiguity, particularly regarding the jurisdiction of the SEC and CFTC, has resulted in numerous challenges to the industry. For one, it has forced\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/sec-vs-binance-coinbase-lawsuits-usher-new-era-for-cryptocurrencies\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">some high-profile crypto companies<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0to explore other markets.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Coinbase is already aggressively expanding its global virtual currency footprint with operations in Germany, Ireland, Italy, and the Netherlands. Paxful, Nexo, and Binance are other major crypto platforms that could wind down operations in the U.S. <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/is-the-u-s-effectively-banning-defi\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">amid growing regulatory scrutiny<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last month, Antonio Juliano, founder of the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/definition\/decentralized-exchange-dex\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">decentralized exchange<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0(DEX) dYdX, even suggested that crypto developers forget about serving customers in the United States for the next five to 10 years due to a hostile regulatory environment. The\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/crypto-billionaires-11-individuals-who-struck-it-rich-with-cryptocurrencies\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">crypto veteran<\/span><\/a><span data-preserver-spaces=\"true\"> encouraged crypto builders to focus on experimenting in other markets and return to the U.S. when the time is right.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">[Serious tweet \/ hot take \ud83c\udf36\ufe0f]\n<p>Crypto builders should just give up serving US customers for now and try to re enter in 5-10 years<\/p>\n<p>It\u2019s not really worth the hassle \/ compromises. Most of the market is overseas anyways. Innovate there, find PMF, then come back with more leverage<\/p>\n<p>&mdash; Antonio | dYdX (@AntonioMJuliano) <a href=\"https:\/\/twitter.com\/AntonioMJuliano\/status\/1695160970111300053?ref_src=twsrc%5Etfw\" target=\"_blank\">August 25, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">More recently, a16z General Partner Arianna Simpson also said that the lack of specific guidance in the U.S. is causing <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.techopedia.com\/cryptocurrency\/best-crypto-exchange-uk\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">legitimate crypto companies<\/span><\/a><span data-preserver-spaces=\"true\"> to seek opportunities offshore. &#8220;The lack of specific guidance here in the U.S. is pushing legitimate companies offshore because they want to be compliant,&#8221; she <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/techcrunch.com\/2023\/09\/19\/a16zs-arianna-simpson-believes-crypto-will-be-just-fine-thank-you-for-asking\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">said in an interview with TechCrunch<\/span><\/a><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana (SOL) co-founder Anatoly Yakovenko believes the U.S. government should not wait for &#8220;perfect&#8221; legislation to regulate the digital asset sector\u2014instead, the crypto veteran advocates for a pragmatic regulatory framework that promotes innovation while protecting consumers. In a recent opinion article\u00a0published in Fortune, Yakovenko, the CEO of Solana Labs, said that the U.S. is grappling [&hellip;]<\/p>\n","protected":false},"author":286581,"featured_media":103875,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601,602],"tags":[1023,1106,1125,1236],"category_partsoff":[],"class_list":["post-103866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-cryptocurrency","tag-blockchain","tag-cryptocurrency","tag-regulation","tag-solana"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Solana Co-founder Urges U.S. Not to Wait for \u2018Perfect Regulations&#039;<\/title>\n<meta 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