In a recent interview with Fortune Magazine, Anatoly Yakovenko, renowned entrepreneur and co-founder of Solana, emphasized the urgent need for regulatory clarity in the blockchain industry to attract and retain top talent in the United States. 

Yakovenko, who experienced the stark contrast between limited opportunities under Soviet rule and other possibilities in America, believes that a well-functioning economy should not penalize an entire industry for the actions of a few bad actors.

Solana Co-founder Demands US Congress To Take Action

Per the report, Yakovenko’s passion for fostering innovation led him to co-found Solana, a blockchain platform designed for global accessibility and decentralization. He envisions a future where everyone has equal access to an open and interoperable global network, free from the control of any single entity. 

However, Yakovenko highlights the challenges aspiring blockchain entrepreneurs face who struggle to navigate the complex legal landscape to make their companies compliant.

Unlike traditional startups that can incorporate for a modest fee, blockchain companies invest significant time, energy, and financial resources to structure their businesses compliantly. 

The absence of clear rules and the daunting legal uncertainties deter young entrepreneurs, who witness even large, established companies grappling with regulatory complexities. 

As a result, more founders are choosing to leave the United States, seeking jurisdictions with more favorable regulatory environments.

According to Fortune Magazine, the US saw a decline from hosting 42% of the world’s open-source blockchain developers in 2018 to 29% by 2022—a concerning trend that threatens America’s technological leadership. 

Given these developments, Solana’s co-founder urges Congress to provide a coherent regulatory framework that protects consumers, encourages entrepreneurship, and aligns with American values. Yakovenko further claimed:

The bills aren’t perfect. No legislation is. As a country and industry,

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Author: Ronaldo Marquez

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