Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, emphasized the significance of the bipartisan crypto bill passed by the US government in July. However, he also stressed that the government should not wait for “perfect” legislation before moving forward with regulations.
In an interview on Monday, Yakovenko stated, “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.”
The bills, proposed by two Congressional committees, aim to establish clear rules for digital assets and stablecoins on a bipartisan basis. The full House is expected to vote on these bills in the fall of 2023.
Yakovenko expressed hope that legislators across both chambers would take these proposals seriously, work to improve them, and ultimately enact them into law.
He urged Congress to maintain its ongoing commitment to developing regulations without allowing the pursuit of perfection to hinder innovation. “Congress must continue stewarding these efforts to protect American technological leadership, provide important market protections, and promote a free and open internet.”
Government Investment in Blockchain Research
In addition to legislation, Yakovenko advocated for the US government to be at the forefront of investing in blockchain research and development. He argued that the US should catch up with European and Asian governments, which are already investing in promising blockchain projects, similar to how the US incubated technologies like GPS, rockets, and the internet.
“Policymakers need to experiment with the technology themselves,” he said.
A Blockdata report from 2021 ranked the US as the top country in terms of blockchain investment, with $11.1 billion invested, followed by the UK with $1.9 billion in investments.
Yakovenko also emphasized the importance of crafting “good policy” for digital assets, noting that certain ethics prevent most government officials who regulate cryptocurrencies from using them. He drew a parallel, saying, “Imagine trying to regulate social media without ever having opened Facebook!”
Creative Solutions
Yakovenko suggested that “creative solutions” could make policymakers more accessible to the emerging technology. He proposed that the government could leverage the potential of cryptocurrencies, such as speed and cost-effectiveness, to send humanitarian relief funds and establish decentralized communication networks in remote areas.
“There are hundreds of ways that the U.S. government can encourage this new wave of the internet and support brilliant blockchain entrepreneurs.”
