Apr. 19, 2023
April 19, 2023 1 am writing to express my deep concerns about the recent direction of proposed regulations and legislation related to cryptocurrencies and blockchain technology. While I appreciate your efforts to protect consumers and investors, I believe that the approach being taken may have unintended consequences that could stifle innovation, push crypto out of America, and into the arms of other countries, including China. As you may be aware, the crypto industry has been rapidly growing and evolving over the past several years. It has become a significant driver of innovation, investment, and job creation in the United States. However, the proposed \"Exchange\" bill and recent comments from the Securities and Exchange Commission (SEC) have raised alarm bells within the crypto community, and many perceive them as a hindrance to the industry's progress. Waging a war on crypto, rather than guiding and supporting the industry, may lead to unintended consequences. Crypto is a global phenomenon, and if the U.S. creates a hostile regulatory environment, it could drive innovators, investors, and businesses to more crypto-friendly jurisdictions, thereby hurting the U.S. economy and jeopardizing our technological leadership. X O Furthermore, the lack of clarity and inconsistent regulatory approach from the SEC has created confusion and uncertainty for businesses operating in the crypto space. This lack of clarity makes it difficult for legitimate players to navigate the regulatory landscape, and it undermines the trust and confidence necessary for innovation and growth. As a leader, it's crucial to gain the trust and confidence of the people you are trying to protect. The current approach of perceived hostility towards crypto may not achieve that, and it may further erode trust and confidence in the regulatory framework. I urge you to consider a more balanced approach that fosters innovation, encourages investment, and promotes responsible practices within the crypto industry. 1 believe that the U.S. has the opportunity to be a global leader in the crypto space, but it requires smart regulation that strikes a balance between consumer protection and innovation. It's essential to work collaboratively with industry stakeholders to develop sensible regulations that address concerns without stifling the potential of this transformative technology. Thank you for your attention to this important matter. I urge you to consider the long-term implications of the proposed regulations and legislation and work towards a regulatory approach that promotes innovation and maintains America's competitiveness in the global crypto landscape.