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https://archive.devcon.org/archive/watch/6/fighting-for-cryptos-future-the-state-of-regulation-and-advocacy/
An overview of the advocacy strategy for crypto and the current state of regulation.
Speaker(s): Connor Spelliscy
Skill level: Beginner
Track: Opportunity & Global Impact
Keywords: regulatory,landscape
Follow us: https://twitter.com/efdevcon, https://twitter.com/ethereum
Learn more about devcon: https://www.devcon.org/
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Devcon is the Ethereum conference for developers, researchers, thinkers, and makers.
Devcon 6 was held in Bogotá, Colombia on Oct 11 - 14, 2022.
Devcon is organized and presented by the Ethereum Foundation, with the support of our sponsors. To find out more, please visit https://ethereum.foundation/
A
A
A
I'm
Connor
spelsi,
as
my
fabulous
host
mentioned
and
I
do
a
lot
of
stuff
in
crypto
advocacy,
I
co-founded,
two
industry
Association
the
space
which
are
the
blockchain
association,
the
Canadian
web,
free,
Council,
I
work
with
foundations
on
advocacy
and
then
I
also
work
with
the
git
coin.
Grants
round
and
help
lead
their
advocacy
around.
A
Change
is
coming
is
something
we're
going
to
discuss
right,
there's
impending
legislation
coming
in
the
United
States
and
there's
already
much
happening
in
Europe,
which
we're
going
to
discuss
in
a
bit
more
detail,
because
it's
important
to
get
a
sense
of
exactly
why
advocacy
matters
why
we're
doing
what
we're
doing
and
why
we
need
to
invest
so
much
of
it
in
the
very
short
term.
Ultimately,
we
end
up
talking
about
strategies
that
we
need
to
use
in
order
to
really
take
advocacy
in
this
space
to
the
next
level.
A
Right
now,
there
are
a
lot
of
fabulous
organizations
that
are
doing
very
good
work,
but
there's
much
more
to
be
done
and
they
really
need
your
support.
Now,
there's
a
lot
of
a
lot
of
fun,
potentially
in
the
first
few
slides
here
and
I.
Don't
want
to
leave
you
with
that
at
all,
there's
so
much
that
we
can
all
do
as
a
community
I'm
going
to
save
the
last
five
minutes
of
the
presentations
to
go
over
questions
and
hopefully
allay
any
fears.
A
But
if
we
run
out
of
time,
feel
free
to
find
me
after
or
find
me
on
Twitter.
So
as
a
former
lawyer
advising
crypto
companies,
I
can
tell
you
that
one
of
the
major
concerns
for
crypto
companies
is
legal
and
legal,
Clarity
and
I'm.
Sure
all
of
you
had
to
deal
with
this
in
some
capacity
in
whatever
role
you
have
in
this
space.
A
That
fact
was
very
much
reinforced
for
me
when
I
started
running
the
Dow
research
Collective,
which
is
an
organization
where
we
talked
to
Dow
stakeholders
about
the
key
issues
facing
their
organizations
and
we
help
to
try
to
solve
them.
But
over
and
over
again,
legal
and
legal
related
to
employment,
to
Securities
to
icos
to
any
number
of
things,
was
really
holding
back
a
lot
of
the
organizations
that
we
were
working
with.
A
Those
they're
kind
of
like
two
big
related
issues
here
right,
there's
one,
which
is
that
that
lack
of
legal
Clarity
really
slows
what
we
can
do
today.
It
slows
the
development
of
the
industry,
because
Founders
and
operators
need
to
second
guess
themselves
over
and
over
again
with
every
choice
they
make,
because
legal
is,
this
ever
present,
fear
and
risk.
The
second
issue
with
this
is
that
the
clarity
we
are
starting
to
get
in
the
space
is
not
really
the
kind
of
clarity
that
we
want.
A
New
policy
is
very
much
over
indexing
to
limit
risk
and
to
maintain
the
status
quo
right
kind
of
square
square
pegs
into
round
holes
instead
of
thinking
about
what
crypto
can
do,
what
the
industry's
potential
is.
Luckily,
blockchain
is
very
much
not
the
first
disruptive
industry
to
go
through
these
growing
pains
right,
we've
seen
it
happen
many
times
before,
and
we
could
check.
Take
a
look
at
the
Playbook
of
how
other
emerging
Technologies
did
this.
So
a
few
examples
of
what
those
would
include
would
be
AM,
radio,
FM,
radio,
film,
television
and
even
the
internet.
A
Of
course,
it
all
went
through
this
growing
pain
into
these
regulatory
hurdles.
I'll
now
jump
into
a
bit
more
detail
on
the
strategy
that
the
crypto
Community
should
employ
in
order
to
generate
those
more
favorable
outcomes
that
I'm
talking
about
based
on
what
we've
learned
from
those
past
Industries,
but
in
case
you
want
a
primer,
I
highly
recommend
this
book
by
Tim
Wu
Josh
Stark
also
recommended
it.
A
It's
called
the
master
switch
it'll,
give
you
a
sense
of
how
those
Industries
started
and
how
they
got
through
the
regulatory
hurdles
which
they
had
to
battle
all
along
the
way
and
Josh
also
wrote
a
post
about
how
this
book
in
this,
like
sort
of
philosophy,
applies
in
crypto,
which
I
highly
recommend.
You
read,
he
co-authored
that
post
so
zooming
out
to
be
here
from
where
we
are
in
crypto
today.
It
helps
to
understand
how
the
cycle
of
innovation
and
regulation
works
in
the
United
States
and
also
just
in
the
west
generally.
Now.
A
This
is
a
global
problem.
Crypto
regulation
is
a
global
thing
and
we
can't
just
Escape
it
by
moving
from
one
jurisdiction
to
the
next.
Exactly
my
experience
is,
is
kind
of
in
with
Western
countries,
so
I'm
going
to
focus
primarily
on
those
also
those
jurisdictions,
particularly
the
EU
and
the
U.S,
when
they
pass
something
it
has
a
way
of
trickling
down
into
the
laws
of
other
countries.
So
they're
particularly
relevant
to
our
discussion
today
and
the
us,
as
we
know,
has
a
very
major
enforcement
arm.
A
We
shouldn't
let
the
limited
government
intervention
to
date,
lull
us
into
a
false
sense
of
security
and
I.
Imagine
some
of
you
are
thinking
like.
Has
there
been
limited
government
intervention
because
we
feel,
like
there's
been
a
lot
right,
but
really
good
actors
in
crypto
have
had
relatively
limited
antagonism
from
Western
governments
that
has
started
to
change
in
the
last
six
months
and
as
more
regulation
is
passed,
we
are
going
to
have
to
change
the
way
that
we
work
and
think
about
the
space.
A
It's
also
critical
here
to
kind
of
think
about
the
ways
in
which
your
organization,
you
know,
is
going
to
represent
itself
for
the
Greater
Community
here
now.
Regulation
is
not
necessarily
problematic.
Governments
can
play
a
very
important
role
in
supporting
and
overseeing
industries.
For
instance,
right
the
crypto
industry
could
have
benefited
a
little
bit
if
Regulators
had
focused
more
on
the
scammers
in
this
industry
and
some
of
the
irresponsible
Founders
who've
really
created
reputational
issues
for
our
industry.
A
The
failures
of
Celsius,
three
arrows
capital
and
Tara
have
heard
a
lot
of
people,
but
but
those
organizations
were
led
by
a
very
tiny
fraction
of
those
who
are
working
in
this
industry,
of
course,
but
unfortunately,
their
sins
have
dug
us
a
massive
reputational
hole
both
within
media
also
with
policy
makers
and
regulators,
and
now
it's
up
to
us
to
get
out
of
that
hole.
So
if
you're,
you
know
an
organization
too,
that's
thinking
about
the
ways
in
which
you're
operating
make
you
know
make
sure
this.
A
This
is
in
mind
for
you
right,
if
you,
if
you
your
Bridge,
gets
attacked
and
you
lose
400
million
dollars,
it's
going
to
be
a
huge
issue
for
your
users
and
for
your
product,
and
it's
going
to
be
a
huge
issue
for
you.
It's
also
going
to
be
a
massive
issue
for
the
future
of
this
industry
because
hearing
those
stories
over
and
over
again
doesn't
do
us
any
favors
and
I.
Think
I
just
saw
a
tweet
from
chain
houses
that
said
that
October
had
the
highest
volumes
of
hack
of
any
month
right.
A
That's
pretty
sad
at
this
point.
There
is
hope,
of
course,
that
we
can
push
towards
good
regulation,
but
only
if
we
start
working
together
and
become
aware
of
this
now,
knowing
how
to
navigate
the
political
environments
of
Washington
and
of
Brussels
is
not
necessarily
the
average
crypto
stakeholders
wheelhouse
and
that's
totally
fine.
A
So
the
first
thing
I'm
going
to
talk
about
is
the
dccpas.
In
the
next
three
months,
a
bill
could
be
passed
in
the
United
States
that
may
ban
much
of
a
defy
in
the
U.S.
Now
here
I'm
talking
about
the
digital
Commodities
consumer
protection
act
also
known
as
the
dccpa.
This
isn't
a
bill,
that's
just
an
idea
or
at
an
early
stage
of
drafting
or
as
something
that
some
obscure
Congress
member
has
thought
up
and
has
introduced
and
is
going
nowhere.
A
This
is
a
robust
piece
of
legislation
that
has
been
supported
by
a
number
of
very
influential
members
of
Congress
and
also
other
influential
backers
who
are
very
interested
in
seeing
it
pass,
and
there
is
a
very
good
chance
that
it
could
pass.
This
is,
unlike
anything,
we've
seen
in
the
US
so
far.
This
has
the
greatest
chance
of
becoming
law,
and
it
could
happen
in
the
next
three
months.
A
Policy
makers
and
Regulators
have
taken
years
to
learn
about
crypto,
there's
a
huge
learning
curve,
but
now
that
they're
kind
of
over
that
learning
curve
they're
interested
in
regulating
the
space,
and
it's
happening
right
now.
The
core
focus
of
the
DC
CPA
is
to
provide
the
Commodities
Futures
Trading,
commission,
the
cftc,
sorry
for
all
of
the
acronyms,
the
exclusive
jurisdiction
over
certain
crypto
spot
markets.
The
bill
also
gives
the
cfdc
new
authority
to
regulate
a
type
of
asset
called
digital
Commodities
and
also
to
regulate
a
new
entity.
A
Category
called
digital
commodity
platforms,
which
would
include
Brokers
custodians
dealers
and
exchanges.
This
is
a
critical
Bill
to
be
aware
of
once
again,
because
it
stands
a
very
real
chance
of
passing
by
the
end
of
the
year
in
part
expedited
by
the
election
that
could
happen
in
the
United
States
and
also
by
its
very
much
influential
bipartisan
backing
in
the
U.S.
If
it
does
pass,
it
will
have
enormous
implications.
A
There
are
many
positive
things
about
the
bill
and
the
drafters
should
be
applauded
for
their
diligence
in
in
working
Within
history
and
working
with
different
industry
associations
to
to
improve
the
bill.
But
there
are
some
issues
and
we
need
to
talk
about
them.
The
first
one
is,
of
course,
the
potential
ban
on
D5,
so
the
digital
Commodities,
platform's
definition
in
the
bill
is
designed
for
centralized
custodial
markets.
A
However,
the
definition
of
of
of
the
digital
commodity
platform
could
also
be
interpreted
to
include
defy
and
given
that
many
D5
protocols
cannot
adhere
to
the
same
standards.
As
you
know,
centralized
exchanges,
it
could
be
impossible
for
them
to
comply
and
it
could
really
Crush
much
of
D5
in
the
united
states
banning
defy
likely
isn't
the
goal
of
the
drafters
of
this
legislation,
but
it
could
be
an
unintended
consequence
of
applying,
of
course,
the
same
rules
to
centralized
and
decentralized
entities.
A
The
second
issue
with
the
bill
is
that
it's
digital
commodity
definition
is
very
vague,
and
this
is
maybe
asking
a
lot
of
the
drafters,
because
it's
a
pretty
difficult
issue
to
tackle,
but
the
biggest
unresolved
question
for
so
many
folks
in
crypto
is
what
is
my
digital
asset?
What
is
my
crypto?
Is
it
a
security?
Is
it
a
commodity?
Is
it
something
else
entirely?
If
we
had
legislation
that
provided
a
bright
line
test,
it
would
really
help
you
understand
how
you
could
operate
your
business.
A
The
bill
also
gives
two
examples
of
digital
Commodities,
Bitcoin
and
ether,
which
is
in
some
ways
kind
of
great
I.
Think
that
a
lot
of
us
would
say
yeah.
We
agree
that
both
of
those
are
not
Securities,
but
it
does
narrow.
The
scope
of
what
we
might
expect
would
be
included
as
a
digital
commodity,
and
we
might
want
the
cfdc
to
have
more
jurisdiction
than
it's
giving
itself
in
this
bill.
A
Another
Associated
problem,
of
course,
is
that
it
doesn't
distinguish
jurisdiction
between
the
SEC
and
the
cfdc
as
much
as
we'd
like
there
could
be
a
little
bit
of
a
turf
war
between
these
two
regulators
and
crypto
could
kind
of
be
a
victim
of
that
battle.
So
as
we
move
away
from
this,
I
just
want
you
to
keep
in
mind
what
this
could
mean
for
your
company.
A
It
could
take
a
little
bit
more
time,
but
this
could
have
major
implications
to
your
company
and
you
need
to
think
it
through
now
for
something
even
more
tangible
in
April
of
2024,
centralized
stablecoin
use
will
be
capped
and
algorithmic
and
collateralized
stable
coins
may
not
be
legal
in
the
EU.
While
we
just
discussed
a
U.S
bill
that
might
pass
now
we're
talking
about
a
bill
that
was
already
agreed
upon
and
will
change
the
way
the
industry
works.
A
We
know
this
with
certainty.
The
markets
in
crypto
assets,
Bill
Mika
for
short,
is
a
comprehensive
framework
for
crypto
asset
issuance
and
service
providers
that
was
just
agreed
to
by
the
European
Council
and
published
last
week.
These
regulations
will
massively
alter
the
stablecoin
industry.
Mika
is
too
comprehensive
a
framework
for
us
to
get
it
in
much
detail
today,
but
we'll
dive
into
one
of
the
areas
that
is
most
like
going
to
be
most
effective,
which
is
stable.
A
Coins
specifically
Mika,
is
putting
a
cap
on
the
daily
volume
of
transactions
for
non-eu
denominated
stable
coins
at
200
million
euros
per
day
in
the
EU,
while
the
details
are
still
a
little
bit
hazy.
What
it
likely
means
is
that
in
April
of
2024
USD
denominated
stable
coins
like
usdt
or
usdc
will
only
be
able
to
do
200
million
euros
worth
of
transactions
per
day
in
the
EU.
A
While
we
have
to
wait
for
further
rulemaking
for
absolute
Clarity,
given
that
both
usdt
and
usdc
do
billions
of
dollars
a
day
in
transactions,
they
would
probably
exceed
that
cap
on
particular
days
or
maybe
every
day,
I'm,
not
totally
sure.
It
appears
very
much
that
these
issuers
that
Circle
and
tether
might
have
to
find
ways
to
limit
their
stable
coin
use
within
EU
countries
to
stay
compliant
with
Mika,
which
might
require
them
to
look
to
new
Solutions
of
geoblocking
or
performing
some
very
cumbersome
kyc
or
create
an
entirely
new
tool.
A
It
also
makes
U.S
stable
coins.
Much
less
competitive
in
Europe
do
not
than
euro-denominated
stable
coins
right,
for
instance,
if
you're
in
the
EU,
and
you
want
to
use
a
payment
in
usdc.
What
happens
if
usdc
has
reached
its
cap
for
the
day?
Do
you
have
to
wait
for
the
next
day?
It's
not
totally
clear
yet,
but
these
kinds
of
issues
flag
for
us
that
maybe
this
bill
and
this
level
of
specificity
is
coming
a
little
early.
Considering
the
market
is
still
very
much
nascent
at
the
very
least.
A
A
Potentially,
once
The
Regulators
agreed
that
your
new
strategy
for
reducing
your
volume
per
day
is
satisfactory
to
them,
stablecoin
issuers
will
also
have
to
have
offices
in
the
EU
report
consistently
to
EU
regulators
and
meet
reserve
requirements
that
will
likely
require
them
to
hold
the
vast
majority
of
their
funds
and
Fiat.
Now
we
don't
know
this
for
sure,
but
that
is
what
it's
looking
like.
A
Their
impact
on
algorithmic
and
collateralized
stable
coins
in
the
industry
could
be
very
similar
in
the
United
States
as
we're
seeing
right
now
in
the
EU,
and
it
seems
like
there's
a
very,
very
good
chance
of
stablecoin
Bill
will
pass
the
United
States
in
the
next
year.
So
take
a
second
to
stop
and
think
about
how
you
staplecoin
today
and
how
this
is
going
to
impact,
how
you
can
use
them
as
the
future
like
if
you
are
paying
contractors
in
Europe.
A
The
this
is
something
that
you
should
really
jump
into
right
now,
so
I've
been
honest
with
you
about
all
of
the
issues
with
crypto
and
all
of
the
hurdles
we're
facing
when
adequacy
side,
but
it
is
not
all
doom
and
gloom,
because
there
are
a
ton
of
things
that
we
can
do
to
get
over
this
right
and
steer
regular
regulation
rather
in
the
right
direction.
How
can
we
do
it?
A
When
we're
talking
to
regulators
and
policy
makers
that
increases
the
likelihood
they're
going
to
progressively
adopt
a
more
favorable
approach
to
crypto,
now
think
about
the
merge
and
the
impact
that
had
on
crypto's
perception
in
the
media
and
particularly
with
Progressive
media,
we
saw
a
ton
of
great
highlights
about
how
the
crypto
ecosystem
was
reducing
its
energy
use
by
99.95,
which
is
an
incredible
feat,
something
that
no
one
no
other
industry
has
done.
We
need
more
stories
like
that,
and
we
also
need
a
bunch
of
killer
apps
that
create
a
lot
of
jobs.
A
So
please
focus
on
developing
both
of
those
things.
Number
two
fund,
think
tanks
and
or
activism
groups,
think
tanks
fund
and
promote
research
concerning
topics
related
to
one
or
more
social
policy,
political
strategy
or
economic
theory,
while
advocacy
groups
participate
in
activism
focused
on
similar
subject
matter
that
could
include
things
like
lobbying
or
organizing
Grassroots
campaigns,
some
of
the
great
ones
in
crypto
that
you've
probably
heard
of
already
are
coin
Center
fight
for
the
future
and
the
Electronic
Frontier
Foundation.
The
internet
archive
is
also
kind
of
working
in
our
space
as
well
they're.
A
Another
fabulous
group
and
Brewster
spoke
yesterday.
Their
founder
number
three
fund
and
participate
in
Industry
associations,
industry
associations
are
founded
and
funded
by
organizations
in
a
particular
field,
usually
to
collectively
represent
their
interests.
Some
of
the
great
ones
in
crypto
include
the
blockchain
association
in
the
United
States,
the
Canadian
web
3
Council
in
Canada,
and
the
European
crypto
initiative
in
the
EU.
The
these
are
organizations
that
are
specifically
focused
on
going
to
policy,
Mega
policy
makers
and
regulators
and
really
fighting
your
fight
for
you
and
you
can
choose
to
engage
in
them.
A
However,
you
want,
you
can
become
very
active
and
help
steer
the
direction
of
the
organization
or
you
can
just
pay
them
a
little
bit
of
money
and
thank
them
for
being
the
ones
to
go
to
talk
to
staffers
every
day.
It's
up
to
you,
but
I
highly
recommend
that
if
you
have
an
organization
in
any
of
those
jurisdictions,
you
join
because
they
absolutely
need
your
support.
Number
four
directly
encourage
Community
participation
and
advocacy,
so
policy
makers
can
be
heavily
influenced
by
vocal
individuals
and
organizations,
particularly
those
who
are
based
within
their
constituencies.
A
A
relatively
recent
example
of
that
was
the
infrastructure
Bill
battle
that
we
fought
last
year.
So
this
was
a
campaign
run
by
groups
including
fight
for
the
future,
the
blockchain
association
and
the
coin
Center
and
coin
Center,
rather
to
encourage
more
U.S
citizens
to
call
their
representatives
to
encourage
them
to
support
pro-crypto
positions.
While
the
campaign
was
ultimately
unsuccessful,
it
did
lead
to
more
than
40
000
calls
to
senators
and
demonstrated
to
policymakers
and
Regulators
that
crypto
was
really
a
force
and
that
a
number
of
their
constituents
were
interested
in
this
technology.
A
It
very
much
announced
that
there
was
a
reason
to
pay
attention
to
crypto
number.
Five
is
Lobby
directly
right.
Lobbying
is
an
attempt
by
individuals
or
private
interest
groups
to
influence
decisions
of
regulators
or
policy
makers.
The
practice
has
a
lot
of
very
negative
connotations,
of
course,
but
it's
actually
a
really
fundamental
part
of
rulemaking
in
many
jurisdictions.
Policy
makers
and
Regulators
have
an
abundance
of
different
things
being
thrown
at
them.
They
are
thinking
about
space
programs
and
hospitals
and
they're
thinking
about
pensions
and
crypto
is
something
on
their
list
too.
A
Crypto
is
particularly
annoying
to
learn
about
at
first
potentially,
if
you're
not
interested
in
it
right.
So
we
need
to
get
in
front
of
them.
We
need
to
educate
them
about
it,
so
that
they
don't
misunderstand
what
we're
doing
and
so
that
they
can
understand
the
public
goods
upside
of
crypto
and
build
that
in
when
they're,
making
a
decision
number
six
support
organizations
that
fund
crypto
legal
defense,
a
number
of
organizations
have
start
started
to
participate
in
funding
legal
defense.
Their
goals
are
generally
to
provide
support
for
those
in
the
industry
who
have
been
targeted.
A
Another
goal,
which
is
really
critical
to
all
of
you,
is
to
create
legal
precedence
that
make
the
industry
stronger
and
provide
us
with
a
more
favorable
position
from
which
to
build
our
organizations.
A
great
example
of
this
is
the
defy
education
fund,
which
recently
filed
an
amicus
brief
in
a
defense
of
the
contributors
to
okidao
okidao,
which
was
sued
by
the
cfdc,
but
would
likely
not
be
there
to
defend
itself
just
yesterday.
A
The
judge
in
the
case
accepted
their
Amicus
brief,
so
they
can
essentially
participate
in
parts
of
that
hearing
in
order
to
make
a
case
for
okidao
and
others
out
there.
So
we're
not
saddled
with
a
bad
precedent
because
of
the
bad
facts.
In
that
case,
lexpunk
also
filed
a
similar,
brief
and
I
believe
they
were
accepted
yesterday
as
well
in
case
the
previous
list
of
options
was
very
dense.
I
apologize,
I'm
going
to
make
the
this
really
easy.
A
Please
take
out
your
phone
and
take
a
picture
of
all
these
amazing
organizations,
because
these
are
the
organizations
that
are
fighting
for
crypto
to
stay.
The
way
that
it
is
or
to
improve
regulation
in
the
space
is
really
important.
There
are
a
lot
of
problems
that
we
have
and
we
do
need
some
oversight,
but
we
want
to
make
sure
that
policy
makers
and
Regulators
are
very
well
informed
and
understand
what
crypto
can
do
for
the
world
before
they
start
passing
legislation
that
could
completely
alter
the
course
of
this
industry.
A
Another
quick
start
to
advocacy,
so
you
could
also
send
your
contributions
to
these
organizations
in
part
or
enroll
through
gitcoin's
advocacy
round.
So
this
is
a
some
information
on
the
first
git
coin,
advocacy
round
that
we
ran.
We
raised
more
than
1.3
million
dollars
from
22
000
different
contributors,
helping
all
the
organizations
that
I
just
listed.
A
If
you
put
your
money
through
the
Bitcoin
matching
round,
of
course,
there's
a
chance
that
you
could
get
a
dollar
more
for
that
organization
or
two
dollars
or
five
dollars
or
eight
dollars.
So
another
option
for
a
place
to
spend,
spend
your
money
and
participate
in
advocacy,
and
that
is
it.
So
if
there's
one
thing,
though,
that
I
would
love
for
you
all
to
take
away
from
today's
talk.
A
It
is
that
we
are
definitely
facing
an
uphill
battle
for
crypto
to
continue
to
exist
in
the
way
that
it
does
today
or
in
an
improved
form.
There
is
a
ton
of
Hope,
though,
but
only
if
we
act
collectively
we
invest
a
lot
of
resources
and
we
do
it
now.
So
if
you
want
to
connect
with
any
of
these
organizations,
I
listed
just
reach
out
to
me
see
me
after
or
just
DM
me
on
Twitter
I
think
we'll
now
have
a
few
minutes
for
questions,
but
thank
you
very
much
for
your
time.
B
Yeah.
Thank
you.
Thank
you
for
your
talk.
It
was
very
nice.
Some
of
the
rules
are
just
ridiculous.
That
they're
just
employing
I
I,
it's
no
better
just
to
focus
on
building
the
Technologies
and
just
making
them
more
resistance
for
these
kind
of
attacks.
It
wouldn't
be
better
to
just
focus
on
Building
forward
and
if
they
come
with
these
ridiculous
rules
of
like
200
million
volume,
that's
just
like
ridiculous.
Like
I,
don't
know
you
can
make
a
think
tank
for
that,
but
that
is
going
with
their
ridiculous
way
of
thinking
right.
A
B
A
I
mean
the
thing
is
that
they
can
and
if
they
don't
get
any
feedback
from
advocacy
groups
like
euci
in
Europe
to
tell
them.
This
is
ridiculous.
This
can't
be
done.
This
is
going
to
have
a
huge
impact.
There
are
negative
externalities
which
you're
not
thinking
about.
Then
we
as
a
as
an
industry
will
be
in
a
position
where
we
just
keep
getting
hit
by
these
pieces
right
and
so
I
agree.
A
Building
is
really
critical
in
this
space
and
we
need
to
keep
building
technologies
that
are
compelling
and
convince
regulators
and
policy
makers
that
there's
a
reason
reason
that
they
should
care
about
crypto
and
wanted
to
exist
in
their
jurisdiction,
and
it
could
be
as
simple
as
you
know.
If
this
is
what
you're
doing
crypto
in
your
jurisdiction.
Well,
someone
else
is
going
to
take
it
over
South
America
is
going
to
take
it
over
China's,
going
to
take
it
over
another
another
jurisdiction
with
which
you're
competing
is
taking
over.
A
So
those
are
the
kind
of
narratives
you
use
right
to
try
to
convince
them.
You
need
to
participate
in
this
now
and
pay
attention
to
it,
but
we
need
someone
in
the
room
telling
them
that
they
won't
just
know
it
on
their
own.
But
I
agree
with
you.
I
mean
it
is
frustrating,
but
the
part
of
the
problem
is
that
not
enough
people
see
that
this
is
coming
because
it
hasn't
happened
before,
but
it
is
happening
now
and
it
will
change
the
way
that
we
engage
with
with
crypto.
C
Thank
you
so
much
I,
really
like
everything
that
you
said.
My
question
is
related
about
the
politicians
and
Regulators
that
we
have
right
now
in
all
the
world
and
specifically
here
in
Latin
America.
The
things
that
you
were
saying
is
so
interesting.
But
what
could
we
do
when
we
have
bad
politicians,
people
who
doesn't
have
idea
about
what
is
a
wallet?
A
The
politics,
no
that's
a
great
question:
I
mean
I
mean
we
have
a
lot
of
politicians
are
self-interested,
but
part
of
it
is
thinking
about
like
the
first
step
in
this
whole
process,
which
is
very
much
education.
So
you
mentioned
politicians
who
don't
know
about
crypto
walls
about
crypto
generally,
and
that
was
certainly
the
case
when
we
started
the
blockchain
association
and
I
no
longer
work
with
the
blockchain
association,
though
I'm
I'm
close
to
the
organization
but
Kristen
Smith.
There
did
an
amazing
job
of
spending.
A
So
many
cycles,
educating
regulators
and
policy
makers,
I
think
when
we
first
started
the
organization
we
thought.
Oh,
we
can
just
immediately
begin
and
push
for
policy
that
could
be
really
impactful
and
provide
Clarity,
but
we
needed
to
stake
many
steps
back
and
spend
years
teaching
these
policy
politicians
about
the
benefits
of
crypto.
What
is
compelling
to
them
specifically
right?
Because
you
think
about
policy
makers
from
the
left
or
right.
Some
are
motivated
by
competition
with
China.
Some
are
motivated
by
Financial
Equity.
A
You
got
to
think
about
what
incentivizes
them
to
want
to
participate
and
want
to
support
your
position,
and
that's
largely
what
I
mean
lobbyists
helped
do
advocacy
groups,
industry
associations,
that's
something
that
they're
always
keeping
in
mind
when
they
make
these
kinds
of
decisions.
It's
a
great
question,
though,
and
I
I,
unfortunately,
don't
know
as
much
about
how
to
make
it
happen
in
South
America,
but
I
certainly
want
to
learn
more.
D
Yeah
right
here
so
I
just
want
to
thank
you
for
the
presentation.
It
was
very
informative
and
especially
highlighting
some
of
the
groups
that
are
fighting
the
good
fight.
My
question
is
as
pertains
to
the
U.S
I
guess
regulations
are
there
any
particular
politicians
and
neither
a
congressman
or
Senators
that
you
feel
that
they're
doing
a
good
job
of
be
getting
informed
and
putting
good
legislations
and
maybe
in
the
opposite
side,
maybe
some
that
are
not
so
friendly.
A
Well,
I
wouldn't
want
to
name
names
at
the
moment,
because
I'd
probably
forget
somebody,
but
I
can
tell
you
that
there
are
a
number
of,
like
amazing
members,
from
both
side
of
the
aisle
bipartisan
support
for
crypto.
We
do
have
a
number
of
Champions,
but
we
really
need
many
more
I'd
highly
recommend
following
the
blockchain
association,
because
they
do
a
great
job
of
amplifying
the
voices
of
those
policy
makers
in
the
states
who
are
supportive
of
our
positions,
so
that
would
but
I'm
happy
to
chat
more
after.