In a recent interview, Anatoly Yakovenko suggested to American legislators that it is much better to introduce rules for regulating the industry and constantly improve them, rather than wait until every nuance is perfect. Yakovenko believes that Congress should protect US technological leadership and the cryptocurrency market, and this will be consistent with the principle of a free and open Internet.
In February, Kristin Smith, CEO of the advocacy group Blockchain Association, also called on Congress to take a more active role in developing standards to oversee the crypto industry.
“The bills are not perfect. There is no legislation. Perfection should not be the enemy of the good,” Yakovenko said.
The head of Solana emphasized that it is now much easier and cheaper to create a traditional company, as opposed to blockchain startups. A typical organization can be registered for less than $500 through LegalZoom, while startups working in the blockchain and cryptocurrency space can incur high costs even before obtaining official company status.
“Industry companies spend enormous amounts of time, energy and tens of thousands of dollars in legal fees trying to structure their businesses so that they operate in accordance with regulatory requirements,” Yakovenko said.
He admitted that there are cases of fraud in the crypto industry, but the entire sector should not suffer because of this. It is much more effective to take some measures to reduce risks. According to Yakovenko, legislators and regulators should not punish the entire industry for the actions of bad actors, which exist in every area.
Earlier, Ripple top manager Navin Gupta said that in the countries of the Middle East and North Africa (MENA), the regulation of cryptocurrencies is much more progressive than in the United States, which is fixated on the fact that cryptocurrencies can only be used for illegal purposes.
Source: Bits
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