New York Assemblyman Says Blockchain Industry Needs Better Lobbying and Education
New York State Assemblyman Clyde Vanel said that the Blockchain industry should be a better actor in its actions to lobby and educate regulators. Vanel presented his comments in a panel of the ConsenSys’ Ethereal Summit on May 10.
Vanel said companies based on cryptography and blockchain need to advertise and publicize better their achievements and value to the public. He pointed out that, within the nascent industry, bad actors often receive all the attention of the press, while projects that have real value are ignored.
Regarding blockchain, Vanel stressed the importance of educating the community, decision-makers, legislators and other industry players about the technology and the asset class that is immersed in it.
Vanel argued that states have a responsibility to facilitate the development of relevant regulations in space at the governmental level. The state of New York, he said, has a more measured approach, especially when it comes to investor protection. Vanel referred to the establishment of the nation’s “first” cryptocurrency working group in January.
The working group specifically aims to study the regulation, use and definition of the digital currency. Commenting on the initiative, Julie Samuels, executive director of a non-profit organization representing technology companies in New York City, Tech: NYC, said: “Cryptocurrency and blockchain technology will undoubtedly have a great impact on finance and many other industries around the world for years to come.
Last summer, federal regulators in Washington heard the testimony of a panel of experts regarding cryptocurrencies. While some legislators proposed positive regulations and an open mindset towards the asset class, others compared it with a Ponzi scheme and a tool for criminals.
The traditional financial system sometimes in the voices of its actors feel threatened by blockchain-bitcoin technology, the reality is very contrary, technology has and will have a role in adding value, users and interested people have to look for information at first hand and study the use cases to understand where this technology is headed. it waits for new announcements.
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