Anatoly Yakovenko, the co-founder of Solana and the head of Solana Labs, emphasized the significance of the bipartisan cryptocurrency bill approved by the US government in July. He conveyed that while waiting for the “perfect” law might be idealistic, it’s essential for progress to be made in the interim.
“Legislation is rarely perfect. But we, as an industry and nation, shouldn’t stall progress in pursuit of perfection,” Yakovenko commented during a Monday interview.
He elaborated that the bills, championed by two Congressional committees, are designed to provide a definitive regulatory framework for digital currencies and stablecoins, with bipartisan support. Yakovenko anticipates the full House to deliberate and vote on these bills by fall 2023.
Yakovenko’s hope is that lawmakers from both sides of the aisle will recognize the importance of these proposals, refine them where necessary, and subsequently enshrine them into law.
Yakovenko emphasized the need for Congress to maintain its dedication to crafting regulations, cautioning against letting the pursuit of “perfection” hinder innovation.
“Congress has a responsibility to guide these initiatives. They should aim to uphold America’s position at the forefront of technology, ensure robust market safeguards, and champion an open and unrestricted internet,” Yakovenko stated.
Yakovenko: Government Should Invest in Blockchain Research
In addition to crafting regulations, Yakovenko expressed that the US government should be a forerunner in blockchain research and investment.
He pointed out the necessity for the US to match the pace of European and Asian governments, which have already channeled significant investments into pioneering blockchain ventures. Drawing parallels with past innovations, Yakovenko highlighted how the US took initiative with technologies such as GPS, rocketry, and the inception of the internet.
“It’s crucial for policymakers not just to regulate, but to engage and immerse themselves in the technology firsthand,” Yakovenko asserted.
According to a 2021 Blockdata report, the US leads the chart among the top 20 countries in blockchain investment, having poured $11.1 billion into the sector. This is a significant leap compared to the UK, which comes in second with investments totaling $1.9 billion.
Yakovenko underscored the importance of formulating effective policies for digital assets. He highlighted the existing ethical constraints that prevent numerous government officials, responsible for regulating cryptocurrencies, from personally utilizing them.
Drawing an analogy to underscore his point, Yakovenko remarked, “It’s akin to attempting to regulate social media platforms without ever having used Facebook!”
“Creative Solutions”
Yakovenko proposed that by embracing “creative solutions,” policymakers can become more attuned to this emerging technology. He advocated for the government to harness the unique advantages offered by cryptocurrencies, like their rapidity and cost-efficiency, particularly for applications such as disbursing humanitarian aid. Additionally, he emphasized the potential for establishing decentralized communication networks in isolated regions.
He concluded with an encouraging note, stating, “There’s a multitude of avenues through which the U.S. government can champion this next evolution of the internet and bolster the endeavors of visionary blockchain entrepreneurs.”
