Why the Crypto Industry Needs More Pro-Crypto Home Members

By Dustin Dill, Project Director for ThreeOh DAO

The cryptocurrency industry has achieved more growth-oriented adoption over the past year than over the past decade. It has also received a lot of attention from regulators and government agencies. The issue of crypto-friendly legislation and policy enforcement has therefore become increasingly important.

Additionally, it is now imperative for lawmakers to craft progressive policies that effectively balance regulation and growth, especially in a nascent industry like crypto. This is easier said than done, however, which makes it all the more necessary to have pro-crypto members in the House. Otherwise, the legitimate voices of the crypto community and its legitimate demands will remain underrepresented and unheard.

Driving Representation, Building Awareness and Transforming Lives

Innovative technologies such as blockchain, cryptocurrency and smart contracts can transform lives on a global scale. They can empower individuals, improve businesses and strengthen governments. Thus, optimizing their ergonomics benefits everyone, and not just industry players.

In countries that respect democratic principles, such as the United States and the United Kingdom, governments take into account the suggestions and feelings of citizens when developing policies. It is a constitutional need that motivates authorities to involve researchers and industry leaders in the decision-making process.

The private sector, for its part, must be heard, in addition to promoting accountability. To that end, pro-crypto members can leverage their expertise to initiate meaningful conversations and help create supportive crypto policies. They can further positively channel their mass connections to build awareness of the potential benefits and practical applicability of cryptography.

Legislating through grassroots participation

The need of the hour is not just any pro-crypto member but those with deep expertise in the industry. This is necessary to ensure that the representatives fully understand the demands and opinions of the community. Since consensus in decentralized crypto communities ideally emerges through grassroots participation, pro-crypto members can bring about a paradigm shift in broader policy-making. And the rules that emerge in this way can maximize the interests of all rather than a few.

By involving community-focused lawmakers, it is also possible to give more weight and acceptability to crypto regulations. It’s actually the start of a positive feedback loop. Consensus enables policies that adequately serve the interests of the entities involved. These entities therefore have an incentive to comply, which ultimately makes a given policy effective and successful. The end result is holistic gain where trust and security prevail.

The other aspect where grassroots participation is helpful is research. It relates to the point above but deserves a separate mention. Editorial boards can benefit immensely from pro-crypto members who are also actively involved in the community. For one thing, their ability to research and identify problems is inevitably better than a disinterested legislator working on crypto regulation.

So much for the pro-crypto rep. But their potential is only fully realized when the community identifies and supports the right candidates. Not being susceptible to hype and marketing-driven manipulation is crucial in this regard. However, given the high noise-to-signal ratio in the industry right now, this is arguably the biggest challenge facing pro-crypto representation. Platforms like ThreeOh DAO have sprung up to identify and elect truly optimistic representatives on Web3.

Pro-Crypto Field Representatives

What makes pro-crypto legislation so critical is that it affects real people, trying to help solve real problems. It is therefore unfair to ignore or overlook the immense contributions of some genuine pro-crypto lawmakers. For example, we have US Senators Cynthia Lummis and Pat Toomey who are working towards mass adoption of crypto at the political level.

In addition to helping frame crypto-friendly regulations, they are the only senators to own crypto assets. They show their belief in crypto and don’t just say while enriching the crypto community with their deep expertise in legislation. Their work tangibly demonstrates how electing pro-crypto representatives boosts the development prospects of the crypto industry globally.

Government initiatives are key to realizing the futuristic vision of the crypto community. It is indeed naïve to approach the scenario as a government versus crypto battle. Technological change has never been easier and never will be. If businesses and other entities are to thrive, there must be synergy between the two seemingly antagonistic poles. Especially because it is about mutual recognition and negotiations, after all.

The success of Web3 must be complete, if at all, and in this regard, it would be suicidal to blindly reject robust frameworks just because they are traditional. Communication is a must and so is representation. Finally, it is therefore possible to reiterate the central role of pro-crypto members in the Chamber. To sum up, their contribution to the growth of crypto will be essentially similar to that of innovators, developers, and marketers. Because if crypto is community-driven, can its recipe for progress be different?

About the Author:

Dustin Dill is the Project Director of ThreeOh DAO. The ThreeOh DAO organization governs a funding pool and decision-making mechanism to support political action for 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.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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