Genius acts enhance stable transparency and consumer protection, but additional laws to better define tokens are defined as securities or commodities, allowing builders to innovate without the constant threat of legal action.
Industry leaders must publicly stand up and take responsibility for Grifters, including the President. Investors and businesses who want to remain legitimate should refrain from investing in Trump coins, or those of those who support him. There is a need to promote ethical reforms that allow politicians to disclose digital asset ownership, ban efforts to promote crypto projects, and allow ethical complaints to be filed in the event of a conflict of interest. If you want to gain mainstream legitimacy in the industry, you have to blame and distant yourself from all con artists and criminals, even if they are in power.
Finally, cryptography leaders need to double the construction of products that support the cryptographic principles of encryption, resistance to censorship, and transparency. While there is clarity of regulations, the true promise of code lies in being independent of a single actor or government.
Only then can we achieve both fair regulations and the reliability of the industry we strive to achieve.
Mike Chan is the managing partner of Deep Venture, a pre-seed venture capital fund. He has been operating on Crypto Space since 2018 and bought his first Bitcoin in 2013.
