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Grassroots Policy Advocates Are Key to Spreading Crypto Innovation — TradingView News
If you had told me more than seven years ago when I entered the world of blockchain that some key elements of cryptocurrency market structure legislation would be brought before the House of Representatives, I would not have believed it.
Back then, cryptocurrencies were a nascent technology considered “niche” or “off the beaten path.” As an attorney in private practice who advises software developers on creating innovative, cutting-edge technologies, I have worked exclusively behind the scenes on new legal issues for this emerging industry.
Rebecca Rettig is a speaker at this year’s Consensus festival, in Austin, Texas, May 29-31.
We are in a different world now. The concept of blockchain has greater cultural relevance than ever, pushed forward by evangelists and developers building on the fringes.
Proponents see blockchain-based technology as transformative, with the ability to redefine not only how we engage in financial transactions, but also all Internet-based interactions. Cryptocurrencies put the possibility of a new decentralized internet center stage in many ways, and global politicians and regulators have focused their attention on what to do with this new industry like never before.
Policymakers and regulators are grappling with definitional and threshold questions about whether and how to regulate. What does it mean for a software system to be decentralized? When do potential financial risks arise from cybersecurity threats, and how can we mitigate those risks? What is needed to ensure overall system integrity?
There is a huge shift underway in helping to educate legislators on how to answer these questions. The policy arm of the industry has focused and professionalized as quickly as the technology has developed. This could make support seem esoteric and removed for those who are actually building and using the technology. But it’s time for manufacturers and users to be involved in training and collaborating with legislators. This is more true than ever following the passage of the first cryptocurrency market structure bill passed by the House yesterday in a bipartisan vote.
As builders in this space, you have unique knowledge and insights into how this technology works and why it represents an unprecedented reorientation of what the Internet can look like. Grassroots efforts play an essential role in supporting cryptocurrencies, and I have heard time and time again from members of Congress that you are exactly the person they want to hear from. The aim of the support is to help regulators tap into knowledge workers and enthusiasts who have information that can help create policy.
So how can you get started? There are a couple of simple ways to engage.
Find friends
Numerous organizations have been created specifically to provide you with the tools you need to support the cause in the most effective way. Example? Crypto Policy Bootcamp.
In October 2023, Polygon Labs, Solana Foundation, and DeFi Education Fund co-hosted the first Crypto Policy Bootcamp. The event brought together founders, CEOs, VCs and other stakeholders to interact with policy experts, political advocates, staff and members of Congress. Discussions focused on how to talk about the value of blockchain technology. Through the various panels and accompanying dialogues, the bootcamp produced many insights, including:
Since October we have hosted four more bootcamps alongside others in the industry, including Wormhole Foundation and Ledger, with the fifth coming at the end of May at Consensus. And the stage is set for one of the strongest crypto advocates in Congress, Tom Emmer, to take time to talk to Bootcamp attendees in Austin.
These bootcamps aim to make policy work accessible to anyone by providing those building, investing in, or working in the industry with the tools and resources they need to effectively support the evolution of the industry, ecosystem, and blockchain community on the Hill and beyond. And it’s one of many great ways to get the tools to get involved; there are organizations, like Stand With Crypto, that are dedicated to this task, bringing together builders in Washington and elsewhere to support it.
Tell YOUR story, as only you can
Speaking directly to politicians, especially your representatives in Congress, undoubtedly has a high impact.
Even better when you can tell your story too. This can take many different forms: calling, writing letters, organizing meetings.
There are also a number of tools that aggregate stories and help educate legislators, which you can use to provide your compelling testimony. Together with the community, I helped launch an open and interactive website, The Value Prop (TVP), which aggregates blockchain-based applications into a simple database. It showcases everything from community-created GPS and hotspot networks to supply chain tracking to online verification of digital records and information.
The work took place over many months, with enthusiastic community members submitting hundreds of use cases. As a result, TVP has become a pillar of basic clarity for decision makers: politicians and regulators use it as a resource.
Contributors from the crypto community such as Ethereum Foundation, Celo Foundation, and Mercy Corps Ventures have further improved the site. It now features video testimonials from builders and founders who discuss what they’re creating, why they’re doing it, and the impact of their work.
What The Value Prop needs now more than ever are user testimonials. These testimonials bring to light the people who actually use cryptocurrencies and the positive impact they have on their lives.
To that end, members of the Polygon Labs core team will want to hear what you have to say! At Consensus on May 30th we will interview users who want to testify how they use this technology, why and what it has meant in their lives.
You, the builders and users, are the lifeblood of the industry. You are the most important voices that can be heard on political issues.
Start putting in the effort. It doesn’t necessarily have to happen with trips to Washington or even to the representative office in your home state. You can interact from the busy streets of Austin during Consensus by filming a user’s testimonial. Or any other myriad of ways.
Your time is now.
Note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.