Solana Co-founder: U.S. Govt. Should Invest in Blockchain

Solana’s co-founder, Anatoly Yakovenko, believes that the U.S. government should invest in blockchain technology and regulate cryptocurrencies to retain indigenous talent. He points out that a new generation of blockchain developers is emerging, but many are leaving the United States due to the lack of regulatory clarity. According to data from Electric Capital, the U.S. was home to 42% of the world’s open-source blockchain developers in 2018, but that number has declined to 29% by 2022.

Yakovenko emphasizes that the absence of clear rules is terrifying for young entrepreneurs in the crypto space. They see large companies struggle to navigate the legal landscape and wonder how their own projects will survive. Despite the criticism and skepticism surrounding cryptocurrencies, Yakovenko argues that a well-functioning economy should not punish the entire industry for the actions of a few bad actors. He believes that the government should support the creation of real value and promote American values in the world’s most impactful blockchain companies.

In addition to regulatory clarity, Yakovenko suggests that the government should be at the forefront of investing in blockchain research and development. He points out that European and Asian governments are already investing in blockchain, and the U.S. should follow suit. By investing in this technology, the government can not only support the growth of the industry but also ensure that American companies remain competitive globally.

Yakovenko also highlights the need for regulators to experiment with cryptocurrencies and blockchain technology themselves. Currently, ethical rules prevent officials from using these technologies, making it difficult to develop a comprehensive regulatory framework. Yakovenko compares this to trying to regulate social media without ever using platforms like Facebook.

Overall, Yakovenko’s message is that the U.S. government should take proactive steps to understand, regulate, and invest in blockchain technology to retain talent and ensure that the country remains a leader in this rapidly evolving industry.