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Solana Pleads with U.S to Embrace Web3 After SEC Attack

Published September 19, 2023 2:10 PM
Teuta Franjkovic
Published September 19, 2023 2:10 PM

Key Takeaways

  • Anatoly Yakovenko discussed the necessity of enacting practical cryptocurrency rules in the US.
  • Solana co-founder described how the US is losing ground in the blockchain and cryptocurrency industries.
  • Yakovenko advises that the US administration to look into the technological prospects for boosting the economy.

Co-founder of Solana Labs Anatoly Yakovenko recently discussed  his thoughts on the necessity of enacting practical and thorough crypto rules in the United States as a crucial tool for maintaining the country’s leadership in the blockchain and Web3 industries.

Yakovenko stressed the government’s essential collaboration in advancing blockchain technology amid the nation’s worsening status, sought by crypto entrepreneurs seeking a more favorable environment.

Yakovenko discussed cryptocurrency prospects in the US and the necessary steps for a more welcoming environment.

The Solana co-founder suggests politicians should familiarize themselves with and experiment with the technology before proposing inventive solutions. Legislative ethics regulations are a major obstacle hindering cryptocurrency adoption and impeding sound policies.

Congress Must Regulate Crypto

“Beyond legislation, our government should be at the forefront of investing in blockchain research and development. Some of the most meaningful technologies on earth–GPS, rockets, and even the internet–were initially incubated by the U.S. government,” he stated .

He commented how governments in Europe and Asia have already made investments in blockchain. Even today, the European Commission maintains a virtual ledger sandbox to find possible public-private collaborations. “We should do the same,” Yakovenko concluded .

He also thanked the members from both parties who worked to promote the regulatory frameworks for digital assets. Yakovenko also highlighted the limitations of the regulations and the inescapable backing from Congress for the adoption of the technology.

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

The Solana co-founder highlighted blockchain and Web3 technology’s broad potential for government exploration in enhancing the economy. He suggested using decentralized communication in low-connectivity areas and integrating crypto services for humanitarian financial aid.

Support for Elizabeth Warren’s Anti-Money Laundering Act for Digital Assets

Nine members of the US Congress recently banded together to support the Digital Asset Anti-Money Laundering Act by Senator Elizabeth Warren, including senators Roger Marshall, Joe Manchin, and Lindsey Graham.

This measure will strengthen the anti-money laundering and counter-terrorist financing (AMF/CFT) laws that already dominate a large portion of the financial system. This aims to fix existing regulatory gaps and encourage better compliance of cryptocurrency companies with them.

Senator Warren first proposed this bill, as we all know, in December of the previous year. Senators Warren, Marshall, Manchin, and Graham later reintroduced it in July.

As is well known, Warren has been under heavy fire for her proposed crypto legislation, especially on the venerable social media platform Twitter.

For instance, Senator Cynthia Lummis, a supporter of Bitcoin, voiced her reservations about the obligation to include AML/KYC in open source software and hardware portfolios, stating that this action might not be successful.

J.W. Verret, a professor of blockchain law, disagreed, saying the legislation may make transactions easier for criminals to track, presenting issues with privacy and civil rights.

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