The crypto space shook two weeks ago when Terra’s UST and Luna currencies collapsed in just a few minutes. The plunge of one of the most popular cryptocurrencies was a further reason for concern, as public perception is already red due to the ongoing red market. Over the next few days, lawsuits were filed against the project’s co-founder, public protests continued, and lawmakers around the world doubled their regulatory efforts.
The topic of regulating Crypto has been a sensible issue since Bitcoin was launched in 2009, but it wasn’t until March that the Biden administration ordered regulators to coordinate their efforts. Similarly, lawmakers have recognized the connection between cryptocurrency existence and the global economy, but have failed to create laws around it. Speaking to CNBC, Senator Cory Booker said:
“This game requires more predictable and transparent rules when there is the necessary consumer protection. What we don’t want to do is suffocate new industries and innovations like we lose opportunities. That’s what it is.”
While many crypto enthusiasts have become accustomed to seeing regulations as negative, most experts agree that a regulatory framework is beneficial. But, as Senator Booker said, legislators and regulators have the difficult task of implementing regulatory laws without halting innovation.
Fortunately for the US, the country has fostered innovation when it comes to technology, has a progressive history, making it even more surprising to see its slow response to the crypto revolution. Investment companies like Andreessen Horowitz and Sequoia Capital have doubled Crypto over the past few years, the former recently announced its $4.5 billion Crypto fund raises.
Other governments around the world have also taken steps to regulate cryptocurrencies, with the UK announced in April that it plans to “lead the way” when it is encrypted. This is surprising given that local tech investors like L Marks have been investing in Crypto and blockchain startups for some time, helping to launch innovation programs around the world. there is no.
L Marks, the creator of entrepreneur Stuart Marks and innovation expert Daniel Sanders, has been creating programs specifically designed to promote innovation since its founding in 2014. Israel and the US support more than 10,000 startups a year.
Having created the UK’s most corporate innovation labs, L Marks has the expertise needed to enable Crypto and blockchain startups to navigate unregulated industries. This is very important as what you can pivot to comply with new regulations can be a matter of life and death for early stage startups and businesses.
Daniel Sanders, innovation expert and L Marks CEO, said of the organization’s mission:
However, not only is crypto adoption limited to startups and individual investors, in-company innovation programs can be very unhelpful when it comes to R&D and can be profitable. Traditional organizations such as BMW, British Airways, Lloyd’s of London, and American Electric Powerjus are just some of the organizations working with L Mark.
Innovation efforts prove to be typical for maintaining the crypto space, as regulatory efforts have doubled as a result of other negative events like the cryptocurrency market crash and Tera crashes. . The fact that lawmakers seem to recognize the importance of maintaining crypto innovation is also a big plus…but they may want to hear the stories of those they know the most.