Crypto regulation has become one of the industry’s top priorities in recent years. After the 2022 collapse experienced in the crypto industry, several legal suits and regulatory proposals have been initiated. MiCA by the EU is an example of a regulatory framework for a digital asset industry that has been enacted in 2023.
At the Bitcoin 2023 event, Mike Brock of TBD explained three steps that developers and industry players should implement towards ensuring good regulations in the industry.
Engage and educate with them
One of Mike’s proposals is to engage and educate law enforcement agencies and politicians on how the industry and its technology function. He noted that while he is aware that it is possible for crypto industry players to decide to ignore government and regulators by building outside systems that oppose the industry, he advised that there’s a need to engage with these officials. “It is really important the government’s there.”
He cited this because liquidity will be needed to spread the utility of these products, especially on-ramps and off-ramps for bitcoin, that are being built in crypto to reach end users around the world. “Liquidity is important,” and therefore educating and engaging with lawmakers can help kill the FUD in the industry.
Elect pro-bitcoin politicians
Another suggestion the TBD Lead gave was the importance of electing to power politicians who love the idea of decentralization. He added that bringing in officials who are pro-bitcoin, pro-decentralized technology, and pro-freedom tech will change the message about the industry.
It is worth noting that, for instance, the US next election is coming in 2024 and a couple of its presidential aspirants have shown interest in the world of crypto and how blockchain can be used to make the US financial system better, not take it off. Ron DeSantis, Vivek Ramaswamy, who was also present at the Bitcoin 2023 event, and Robert F. Kennedy Jr. are some of the Presidential candidates who have declared their support for the crypto world.
Keep building despite the FUD
Lastly, the Bitcoiner affirmed that no matter what happens, every builder should keep building and developing useful products for the industry. He revealed that that’s why his company is still looking for talents to hire to help develop good products for the industry
He praised the effort of generative AI tools that make it possible for people to easily build products that require coding, which can also be useful for open source projects such as TBD and Block are working on.
“You can also stay humble and stack SATs to support the network which helps to build this movement that we’re all building together towards a more positive future for humanity,” he told the audience.
He added that amid all the activities in the industry, especially as the industry deals with risks, everyone should be committed to pushing the message of decentralization and “continue to build.”
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