Solana’s co-founder urges the Congress to regulate crypto
Anatoly Yakovenko points out that many aspiring entrepreneurs wish to build blockchain companies but struggle with compliance due to the lack of clear regulatory guidelines, unlike traditional startups that can incorporate easily and affordably.
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He highlights the fear among young entrepreneurs who witness large companies grappling with complex legal issues and how this impacts their willingness to stay in the U.S. or pursue their dreams elsewhere.
This is evident in the decline of U.S.-based open-source blockchain developers from 42% in 2018 to 29% in 2022.
While acknowledging the presence of scams in the digital asset space, he argues against penalizing the entire industry for the actions of a few bad actors.
Instead, he encourages nurturing an environment where real value creation aligns with American values in the world’s most influential companies.
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