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Author: Miles Jennings, A16Z Crypto General Legal Consultant and Decentralization Director; Michele Korver, A16Z CRYPTO Supervisor; Brian Quintenz, A16Z CRYPTO policy director;
The founder of cryptocurrencies has asked us what the recent US elections mean for their projects.We told them that we have an excellent opportunity to make persistent efforts to bring the best cryptocurrency to the world on the basis of the cooperation between the two parties in the last Congress.
In the next few months, it is expected that a series of guessing and “hot topics” about legislation and supervision will be heard -most of them are just noise.The fact is that it is too early to judge how everything will develop, but what we know is that this is of great significance to the industry.We are very optimistic that the government will now promote innovation, accelerate progress, and make the encrypted ecosystem develop vigorously in the United States.
This will enable us to realize the interests of many consumers that excite us in the future: let people have their own digital status, provide new business models for creativity, use stablecoins for low costs or free cross -border transactions, small small -scale such as restaurants such as restaurantsEnterprises provide new ways to interact with customers, decentralize the emergence of social networks, the development of physical infrastructure such as energy networks, and the blockchain that makes AI and games democratize, and there are more things we can’t even imagine.
The good news is that there is now a way to make constructive contact with regulatory agencies and legislators, which can bring supervision clarity.Now, you should all feel capable of exploring all breakthrough products and services supported by blockchain, including tokens.Although we may have greater experimental flexibility, we cannot forget that the basic supervision principles applicable to blockchain systems remain unchanged.This means that “trustworthiness is regulatory” is still applicable.Therefore, you should continue to focus on eliminating the centralization of the project or dependence on trust, because these areas will continue to be reviewed by regulatory review.
Next year, we will advocate a clear regulatory framework to promote and support innovation and decentralization.This is both an opportunity or a responsibility for the builders -you can actively shape the future through development projects. These projects can show the decentralized agreement how to eliminate risks and prove the rationality of new regulatory methods.
This will provide a decentralized path for entrepreneurs with goodwill, and at the same time protect consumers by ensuring early discovery of fraud and fraud.
Regardless of how the new legislative or regulatory environment is adjusted, regulators and policy makers will still conduct effective review of the industry in some aspects.In particular for the issuance of tokens, the principles in our token issuance manual are still applicable.
We should look forward to these clear rules in the future that will make it easier for those who identify and close bad actors (similar to FTX), and at the same time allow goodwill projects to take off.This can not only protect consumers, but also rebuild their trust and confidence in the technology.In the past, the lack of regulatory clarification of law enforcement supervision not only hindered the good actors, but also indulged the bad actors. This actively harmed the interests of consumers and unfairly weakened people’s trust in the field.
However, for many people, due to the concerns of overwhelming supervision, the use of tokens is delayed to allocate project control and establishes communities. Now you should be more confident in the use of tokens as a legal tool.We will also quickly release a new guide on the use of decentralized non -profit organization associations (DUNA), which is suitable for hoping to settle in the United States, so that token holders are exempted from responsibility, management tax and compliance needs, and promoting to promote the needsMore economic activities.
The prospect of cryptocurrencies in the United States is bright -the best time to build in the United States, and we are very excited about the possibility of ultimately realizing the clarity of supervision.
