Solana (SOL) co-creator Anatoly Yakovenko is urging lawmakers in the United States to bring regulatory clarity to the digital asset industry to keep the country’s innovative spirit flourishing.
In a new op-ed published by Fortune, Yakovenko warns that the anti-crypto policies in the US are causing blockchain technology entrepreneurs to locate in other countries with more accommodating climates.
“I meet promising entrepreneurs every day who want to build the next great technological innovation in America but don’t know how to build a blockchain company in a compliant way…
It’s well-documented that there’s no viable path to reasonable regulatory certainty in the space. For young entrepreneurs, the absence of clear rules is terrifying. They see public, multi-billion dollar companies struggle to navigate the legal landscape, and wonder how their tiny project will survive.
Faced with the choice of staying in America or building their dream, more founders are choosing to leave. In 2018, the U.S. was home to 42% of the world’s open-source blockchain developers, according to Electric Capital. By 2022, that figure dropped to 29%.”
He calls on US lawmakers to pass crypto-related bills currently making their way through the legislative process in Washington, D.C.
“In addition to clarity being provided in the courts, two Congressional committees advanced key pieces of legislation in July that 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.
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. I applaud the efforts of members from both parties to move these bills forward, and I hope legislators across both chambers will take these proposals seriously, work to improve them, and turn them into law.”
Yakovenko also says that America’s classic democratic principles are important for the future of blockchain technology.
“Many of us are here because we want to create real value – and we want American values at the foundation of the world’s most impactful companies. Imagine if Google had been founded in Russia, or Reddit had been founded in China. How different would the internet look today?
For the US to attract and retain the very best talent in the new digital landscape, we need a cogent regulatory framework that protects consumers and encourages entrepreneurship.”
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