Solana co-founder Anatoly Yakovenko cautions the United States government against allowing the pursuit of perfection to hinder innovation, emphasizing that no government regulations can ever be flawless.

“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,” he declares.

Solana’s Anatoly Yakovenko Urges Tighter US Regulations For Economic Boost

During a September 18 interview, Solana co-founder Anatoly Yakovenko explained the importance of the US government’s ongoing commitment to advancing regulations, emphasizing the need to avoid waiting for every detail to be perfect.

“Congress must continue stewarding these efforts to protect American technological leadership, provide important market protections, and promote a free and open internet.”

Yakovenko highlights that blockchain startups face a significant disadvantage when it comes to the substantial costs associated with their establishment. He notes that it is significantly cheaper to set up a conventional company.

He further explains that the initial step for typical startups involves incorporating the company for less than $500 through LegalZoom. In contrast, blockchain companies can incur significantly higher expenses even before they attain official company status:

“For blockchain companies, it means pouring precious amounts of time, energy, and often tens of thousands of dollars into legal fees trying to structure their businesses to operate in a compliant manner.”

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Solana Labs was co-founded by Yakovenko in 2017, in San Francisco, California. The Solana token was subsequently launched in March 2020. Upon launch, it started at an initial price of $0.75 and soared to an all-time high of $259 in November 2021. At the time of publication, Solana’s price stands at $19.94.

Solana Price Chart 1 Month. Source: BeInCrypto

He also discussed the increasing prevalence of scams in the crypto industry, contending that the entire sector should not suffer consequences for the actions of a few bad actors in the broader context:

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“There have been scams in the digital asset space, and we should do everything possible to eliminate them. But a well-functioning economy shouldn’t punish an entire industry for the actions of its worst elements.”

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

The post Solana Co-Founder: Don’t Wait for ‘Perfect’ Crypto Regulations in US appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ September 19, 2023 5:03 am