Newsletter #111
Stand With Crypto: Advocate for Clarity and Fairness in Global Crypto Regulations
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Stand With Crypto: Advocate for Clarity and Fairness in Global Crypto Regulations
Every innovative technology is initially met with skepticism. It's a pattern as old as innovation itself. Today, the crypto industry is on the receiving end of this skepticism.
Consider smart contracts. Only a few years old and their potential is already undeniable. It's true that a significant portion of nascent blockchain and token-based companies will fail - this trend mirrors the early days of the internet and startups leveraging LLMs. Yet, those who survive will revolutionize the game. That is the inherent promise of technology.
Despite this, the crypto industry grapples with uncertainties, particularly those propagated by regulatory bodies like the U.S. Securities and Exchange Commission (SEC). But should the SEC pass judgment on the validity of an innovation? If their approach is truly principle-based, they should strive to facilitate startups' access to funding and support, balancing it with investor protection.
Look at the past decade in America - a dramatic decrease in the number of companies trading on exchanges stifled innovation and the economy. Congress stepped in, creating exemptions to stem the decline. Now, it's time for Congress to act again, adapting these exemptions for the emerging crypto technology. This will ensure a straightforward registration process and a clear path for exchanges, protecting investors and fostering industry growth simultaneously.
Let's debunk the myth that all crypto businesses are large-scale enterprises. In reality, most are startups, sometimes with a lean team of just three people. These startups, teeming with innovative ideas, are stifled by regulatory uncertainties. They have all the information needed to incorporate and manage general business and tax licensing but are left to flounder amidst crypto-specific regulations.
Does it seem fair to require a fledgling startup to hire an expensive securities lawyer experienced in crypto? It's akin to burdening a child's lemonade stand with business licenses and food safety inspections.
When a judge publicly confesses the difficulty in understanding these regulations, it resonates with countless small startup entrepreneurs. They are willing to follow the rules but are confronted with an unclear path. Additionally, principle-based regulation can be politicized - different administrations may interpret the principles differently, jeopardizing the goal of investor protection.
The way ahead requires clear, fair, and accessible regulations that recognize the unique nature of the crypto industry. The startups, the engines driving innovation and future growth, deserve nothing less. A blanket approach is unworkable.
The time is coming for NFT collectors and crypto users to make their voices heard. Actively demand clear and fair crypto regulations. Stand up for startups. Advocate for the crypto industry, one of the most innovative technologies invented in recent years. Your support could ripple out, causing waves of global innovation, a wave that promises to redefine our world.
Ready to get involved? Mint a free NFT to show your support and then consider joining and amplifying these organizations:
1. Crypto435
2. DeFi Education Fund
3. Blockchain Association
4. Coin Center
5. Blockchain Foundation
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