by Jemayel Khawaja, Editorial Director at ConsenSys
Despite the techno-libertarian ideology that inspired the creation of blockchain and cryptocurrency, a reckoning between decentralized networks, digital assets, and state apparatus has been a long time coming.
The last year has plainly laid out the effect that government intervention — or the lack thereof — can cause. An absence of meaningful guidance on the part of regulatory bodies in the US has played a part in stymying the explosive growth of the token economy stateside, while more lithe city-state, parliamentarian, or authoritarian governments dotted around the globe have sprinted to the front in establishing the early Web3 order.
As regulatory agencies who may lay claim to the jurisdiction of digital assets like the SEC and CFTC are taking a measured approach in taking input from the public and the likes of The Brooklyn Project, proactive legislators from around the spectrum of American politics on the local, state, and federal level have taken the charge of advocating for blockchain technology, together forming a formidable nexus of action that is making remarkable progress all over the country.A study by the Brookings Institution from 2018 shows over 30 states already legislating pro-blockchain policy.
Nowhere in the US is moving as fast as Wyoming, which has led the charge on the state level with a veritable smorgasbord of pro-blockchain laws, driven by the likes of State Rep Tyler Lindholm with overwhelming support from both sides of the aisle. States like Arizona, led by Governor Doug Ducey, and agencies like the Consumer Financial Protection Bureau have initiated regulatory sandboxes to facilitate growth of blockchain-related startups.
In Washington, the Congressional Blockchain Caucus, launched in 2016 by now-White House Chief of Staff Mick Mulvaney and now-Colorado Governor Jared Polis, is populated by a bipartisan assemblage of vocal proponents of blockchain tec...