Clyde Vanel – an active member of the New York State Assembly – has reportedly expressed that, improved self-lobbying and educating for regulators are vital points blockchain industry growth.
Specifically, during a panel discussion at the ConsenSys’ Ethereal Summit on May 10th, the Assemblyman stated that crypto and blockchain-related companies or individuals need to come up with a more innovative way to showcase their value, as well as achievements to the general public. He further added that in this newly formed, rapidly developing blockchain scenes, bad actors normally gather the most media exposure, while real-life projects with practical values often received little to no attention from the press and community.
As for the blockchain technology, Vanel stressed the significance of providing the general audience, lawmakers, decision makers along with big industry players with sufficient and accurate knowledge on the true value the tech could bring, as well as the asset class it underlines.
Vanel also believed that it is the duty of the states throughout the US, to establish appropriate legislation, on a governmental level, to help regulate the blockchain scene. Vanel pointed out the example of the New York State, which employed a more sustained method – the first cryptocurrency task force in the US freshly formed back in January 2019 – to best protect the investors. The task force has one clearly determined goal: study the regulation, use, and definition of cryptocurrency.