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Biden's government can change the world with new crypto laws
For the past four years, we have been operating in limbo when it comes to the development and advancement of crypto products. Innovators in the fintech and blockchain industries have the ability and vision to build products that solve real problems for everyone from individuals to large banks to governments, but without a clear path to follow, these products cannot grow and scale to. its full potential.
Since 2019, when the Securities and Exchange Commission declared that neither Bitcoin nor Ethereum are securities, the industry has been stagnant. The lack of regulation stifles the immense potential that cryptocurrencies and blockchain provide.
A new administration presents a new opportunity to change clear policies and regulations that allow banks, fintechs, and corporations to safeguard and use cryptocurrencies to improve efficiency and provide a better customer experience.
We can learn a lesson from recent history here. In 1991, we saw the passage of the High Performance Computing and Communications Act (HPCCA), a bipartisan effort led by Senator Al Gore and signed into law by President George HW Bush.
This legislation paved the way for companies like Amazon, eBay, Google, Yahoo, and others to skyrocket and made the United States one of the first Internet leaders. In 1993 we saw the introduction of web browsers and soon after, the dawn of the dot-com era in 1994 that established the US as a symbol of innovation.
The browser changed everything. It has created new jobs, new economic opportunities, and new categories of technology that we could not have predicted 30 years ago. When looking at the top 100 Fortune 500 companies in 1991, technology was just a flash on the radar with IBM as the only technology company. For 2020, it's a drastically different picture, with the list completely dominated by tech giants like Microsoft, Apple, Alphabet, Facebook, and Salesforce.
There is great opportunity for the Biden administration to influence new policies and new legislation and provide clear guidance that accelerates innovation in fintech and crypto for many future generations.
