By Dustin Dill, Project Director for ThreeOh DAO
The cryptocurrency industry has achieved more growth-driven adoption in the past year than it has in the last decade. It has also garnered much attention from regulatory authorities and government agencies. The question of legislating and executing crypto-friendly policies has become increasingly significant as a result.
Moreover, it is now imperative upon legislators to make progressive policies that effectively balance regulation and growth, especially in a nascent industry like crypto. This is easier said than done, though, which makes it all the more necessary to have pro-crypto members in House. Otherwise, the legitimate voices of the crypto community, and its rightful demands, shall remain under-represented and unheard.
Fostering Representation, Boosting Awareness, and Transforming Lives
Innovative technologies like blockchain, cryptocurrency and smart contracts can transform lives globally. They can empower individuals, enhance corporations and strengthen governments. Thus, optimizing their usability is to everyone’s benefit, not merely of the industry’s stakeholders.
In nations upholding democratic principles, such as the U.S. and U.K., governments consider the suggestions and sentiments of citizens while framing policies. It’s a constitutional need that motivates authorities to involve researchers and industry leaders in the decision-making process.
The private sector, for its part, must make itself heard, besides promoting accountability. To this end, pro-crypto members can leverage their expertise to initiate meaningful conversations and help create favorable crypto policies. They can moreover channel their mass connections positively to bolster awareness about the potential benefits and practical applicability of crypto.
Legislating Through Grassroots Participation
The need of the hour is not merely any pro-crypto member but those with deep expertise in the industry. This is necessary to ensure that representatives thoroughly understand the community’s demands and opinions. Since consensus in decentralized crypto-communities ideally emerges through grassroots participation, pro-crypto members can bring a paradigm shift in policy-making at large. And the rules that emerge thus can maximize the interests of all rather than a few.
By involving community-oriented legislators, it’s also possible to provide more weightage and acceptability to crypto regulations. This is in fact the beginning of a positive feedback loop. Consensus enables policies that adequately serve the interests of affected entities. These entities thus have the incentive to comply, which ultimately makes a given policy effective and successful. The end result is holistic gain where confidence and safety prevail.
The other aspect where grassroots participation helps is research. It relates to the above point but merits a separate mention. Drafting committees can benefit immensely from pro-crypto members who are also actively involved in the community. For one, their capability for research and problem identification is inevitably better than a disinterested legislator working on crypto regulations.
So much for the representative being pro-crypto. But their potential is manifested fully only when the community identifies and backs the right candidates. Not being susceptible to hype and marketing-driven manipulation is crucial in this regard. However, considering the high noise-to-signal ratio in the industry currently, this is arguably the biggest challenge facing pro-crypto representation. Platforms like ThreeOh DAO have emerged to identify and elect representatives who are genuinely bullish on Web3.
On-Ground Pro-Crypto Representatives
What makes pro-crypto legislation so critical is that they affect real people, trying to help solve real problems. It’s therefore unfair to ignore or overlook the immense contributions of some real pro-crypto legislators. For example, we have U.S. Senators Cynthia Lummis and Pat Toomey working towards crypto’s mass adoption at the policy level.
Besides helping frame crypto-friendly regulations, they are the only senators owning crypto assets. They show their belief in crypto and not merely tell while enriching the crypto community with their deep expertise in lawmaking. Their work tangibly manifests how electing pro-crypto representatives boosts the crypto industry’s developmental prospects on a global scale.
Governmental initiatives are key to realizing the crypto community’s futuristic vision. It’s indeed naive to approach the scenario as a government vs. crypto battle. Technological change was never that simple and never will be. If businesses and other entities are to thrive, there must be a synergy between the two seemingly antagonistic poles. Particularly because it’s about mutual recognition and negotiations, after all.
Web3’s success must be comprehensive if at all, and in this regard, it would be suicidal to blindly discard robust frameworks simply because they are traditional. Communication is a must and so is representation. Lastly, thus, there’s scope to reiterate the pivotal role of pro-crypto members in the House. To put in a sentence, their contribution to crypto’s growth will, essentially, be similar to those of innovators, developers and marketers. For if crypto is community-driven, can its recipe for progress be any different?
About the author:
Dustin Dill is the Project Director for ThreeOh DAO. The ThreeOh DAO organization governs a funding pool and decision-making mechanism for supporting political action towards crypto-friendly government policies and legislation.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.