The internet is one of the most important innovations and engines of progress in human history, yet it is failing the people who rely on it most: consumers, creators, developers, and small businesses. Control – over decisions, data, and more – is consolidated among a handful of big platforms, which unilaterally make decisions on behalf of users; change the rules suddenly on builders; extract prohibitive fees from creators; exercise outsized control over consumer data; and more.
To share what’s at stake, we’ve put together a quick spotlight – building on our annual State of Crypto Report – on the impact of blockchains for policymakers considering the future of emerging technology innovation, markets, and competitiveness for the U.S. The spotlight sets context for the why, what, and how of web3; shares relevant data; and offers guiding principles to ensure policymakers can meet their goals of protecting consumers, providing a path to compliance, and ensuring innovation.
Blockchains have not only emerged as a credible solution; they also represent an important new computing movement that opens up new opportunities and use cases well beyond web3. But despite the potential of this industry – one in five U.S. adults have purchased crypto – critical regulatory guidance has been lacking. And despite some recent progress, there’s much more work left to do. By crafting clear and practical rules, the U.S can foster innovation, ensure its lead globally, and unlock future progress for all.
Contributors & acknowledgements (listed alphabetically): Miles Jennings, Michele Korver, Daren Matsuoka, Collin McCune, and Brian Quintenz. With special thanks to Paul Cafiero, Hoang Nguyen, David Sverdlov; and editors Sonal Chokshi & Stephanie Zinn.
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