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- 1 Solana co-founder talked about the need for regulatory clarity in the blockchain industry.
- 2 In a media interview, Solana co-founder emphasized that “Congress must regulate crypto.”
Anatoly Yakovenko, co-founder of Solana and the CEO of Solana Labs, appeared in an interview with Fortune Magazine, an American multinational business magazine. He kept his point during the interview and talked about the crypto regulation in the U.S. He said “Congress must regulate crypto, but first lawmakers should learn how it works.”
Solana Co-Founder’s Interview Highlights
In the media interview, Anatoly Yakovenko shared his memory from some glimpse of his childhood to his entrepreneurship. He shared that he wanted to become an engineer and build big, ambitious projects thus he studied computer science. He also spent over a decade building global networks at Qualcomm.
Just a few years ago, Yakovenko took the plunge as an entrepreneur and helped launch a project called Solana, a blockchain built for global accessibility. With the launch of his project, he clearly wanted “to have equal access to an open, interoperable global network, one that no single person or entity can shut down, in the world.”
The co-founder of Solana says in today’s generation, thousands of blockchain developers are working hard and have begun their “entrepreneurial journeys.” Out of these, many are taking on ambitious projects and competing against the leading corporate giants.
During the interview, he also shared how to build “typical startups” especially the blockchain companies. He also said that “for young entrepreneurs, the absence of clear rules is terrifying.” While justifying his saying, Yakovenko said “The entrepreneurs see public, multi-billion dollar companies struggle to navigate the legal landscape and wonder how their tiny project will survive.”
Regulation Clarity in the U.S.
Yakovenko also stressed that entrepreneurs sometimes face “either and or” choices. They are working on their dream projects as they choose to stay in America. According to Electric Capital, a venture capital firm, “In 2018, the U.S. was home to 42% of the world’s open-source blockchain developers, and by 2022, that figure dropped to 29%.”
Although, Solana’s co-founder accepted that with any new technology, there have been frauds in the digital asset space. With all the possible efforts, it should be eliminated. Yakovenko kept his point for “a well-functioning economy.” He remarked, “But a well-functioning economy shouldn’t punish an entire industry for the actions of its worst elements.”
Yakovenko suggested that “for the U.S. to attract and retain the very best talent in the new digital landscape, they need a cogent regulatory framework that protects consumers and encourages entrepreneurship.”
Additionally, to clarity being provided in the courts, two Congressional committees advanced key pieces of legislation in July 2023. This would create regulatory frameworks for digital assets and stablecoins on a bipartisan basis. This fall, the full House will have the opportunity to vote on these two bills, Yakovenko says.
Yakovenko thinks the bills “aren’t perfect and no legislation is.” He said, “Congress must continue stewarding these efforts to protect American technological leadership, provide important market protections, and promote a free and open internet.”
Anatoly Yakovenko advised that “the government could take advantage of crypto’s speed and cost-effectiveness to send humanitarian relief funds and launch decentralized communications networks in low-connectivity areas.” He also said he is ready for “an open conversation with policymakers about web3, its potential, and its pitfalls.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
