The infighting between crypto groups has devolved. It’s has always been about $BTC vs everything else, but now legislative shots are being fired.

Laws & regulations are on the horizon. 

In the next 4 years we’re going to see — Strategic crypto reserves, crypto class categorization, legal clarity on memes,  etc. We better get it right. State by state… and federal as well.

Similar to the recent ascensions of the fantasy sports, betting, ride sharing, and cannabis industries; there — will be — new state and federal laws developed that impact billions of dollars. Regulation will follow.

The bachelor pad marketplace that the private sector has enjoyed is coming to an end. We’ve moved in with the government. Hopefully it goes well!

Passing bills into law can both devastate and enrich. We should be able to get bipartisan support. Community support. Do not hurt entrepreneurs. Protect consumers. Mindfully define classifications. Do not burden businesses or individuals. Simple laws. Straight forward laws. Not laws that exclusively benefit one set of people at the mass expensive of others.

We want bills that consider the speed, security, stability, utility, economic, and environmental impact. What benefits everyone best? Some tokens already have major backing by the private and public sector. Others are entrepreneurial hustles some would call back ally dice games. Please craft the laws wisely.

It’s too big of a deal for haste. Read the op-eds. Chat with your constituencies.

For the tokens; the importance of a trade association comes to mind — that way you have a joint (not splintered) legislative effort with any lobbying group(s) that are working the capitols.

There has been great FinX coverage of token executives intermingling with public officials in the new administration but that doesn’t correspond directly to legislation. It certainly helps pump coins though. While those relationships matter bigly, the legislative branch is where the lines will be drawn.

These tokens are walking into the situation without a well organized legislative affairs committee. It would be easy to nominate quite a few people. Overall, this is a strikingly similar situation to what FanDuel, DraftKings, and a number of other fantasy operators found themselves after UIGEA hit and the states followed.

The legal level up moment is here and this process is really just getting started.
#BTC