Crypto has been one of the most assymetric bets over the past 2-3 years. The technology is transformative and arguably replatforms much of the internet and payment rails. Unfortunately the lack of appetite to innovate regulation has led to bad actors extracting value and trust from industry participants. This saw a flood of capital and users leave. It saw regulators in the US overreact and overstep. Meanwhile the builders kept building. Other nations recognised the opportunity and root cause of issues. The UAE via VARA implemented policies to guide responsible development and created strong incentives for builders to migrate there. While builders built, and regulators threatened, the institutions bought - at depressed prices. They bought knowing ETFs were coming. They needed supply and were able to accumulate at prices / volume retail couldn’t (banks limited on-ramping) Now they have filled their pockets with BTC and Ether, wrapped them up as ETFs and selling them back to retail - the regulatory environment is course correcting. Some might say 20:20 hindsight but this is nothing more than an obvious outcome. Opportunity presented amidst much fear, uncertainty and doubt. Crypto is a legitimate industry. I hope many of your capitalised on this opportunity.
The House of Representatives made history today by passing the Financial Innovation and Technology for the 21st Century Act (FIT21). FIT21’s success is proof that protecting blockchain technology in the U.S. has strong, bipartisan support. It’s an important step in providing long-awaited regulatory clarity for crypto, protecting U.S. consumers, and promoting American innovation. It’s also a big step for holding bad actors accountable, which is good for everyone. There’s more work to be done, as the bill moves to the Senate, I ask everyone who believes in the future of blockchain technology to continue calling for responsible crypto regulation. Post on social media, reach out to your senators, and share your voice. For more on how to support: https://lnkd.in/gPRj5-BR