I was born under Soviet rule in modern-day Ukraine. We moved to America when I was 11. Even at that age, I was very aware of the differences between the place I grew up–where access to assets and information was controlled with an iron fist–and my new home–where opportunity was unbound.
I wanted to become an engineer and build big, ambitious projects. So, I studied computer science and spent over a decade building global networks at Qualcomm. A few years ago, I took the plunge as an entrepreneur myself and helped launch a project called Solana, a blockchain built for global accessibility. I want everyone in the world to have equal access to an open, interoperable global network, one that no single person or entity can shut down.
Today, a new generation of thousands of blockchain developers are diving into their own entrepreneurial journeys. Many of them are taking on ambitious projects, competing against today’s corporate giants. They’re building user-owned wireless networks, ridesharing networks, food delivery services, and social platforms to someday compete with Comcast, Google, Uber, and Facebook. Many are in the United States. Increasingly, many are not.
I meet promising entrepreneurs every day who want to build the next great technological innovation in America but don’t know how to build a blockchain company in a compliant way. For typical startups, the first step is incorporating your company for less than $500 on LegalZoom. For blockchain companies, it means pouring precious amounts of time, energy, and often tens of thousands of dollars into legal fees trying to structure their businesses to operate in a compliant manner. It’s well-documented that there’s no viable path to reasonable regulatory certainty in the space. For young entrepreneurs, the absence of clear rules is terrifying. They see public, multi-billion dollar companies struggle to navigate the legal landscape, and wonder how their tiny project will survive.
Faced with the choice of staying in America or building their dream, more founders are choosing to leave. In 2018, the U.S. was home to 42% of the world’s open-source blockchain developers, according to Electric Capital. By 2022, that figure dropped to 29%.
As with any new technology, there have been scams in the digital asset space, and we should do everything possible to eliminate them. But a well-functioning economy shouldn’t punish an entire industry for the actions of its worst elements. Many of us are here because we want to create real value–and we want American values at the foundation of the world’s most impactful companies. Imagine if Google had been founded in Russia, or Reddit had been founded in China. How different would the internet look today? For the U.S. to attract and retain the very best talent in the new digital landscape, we need a cogent regulatory framework that protects consumers and encourages entrepreneurship.
In addition to clarity being provided in the courts, two Congressional committees advanced key pieces of legislation in July that would create regulatory frameworks for digital assets and stablecoins on a bipartisan basis. This fall, the full House will have the opportunity to vote on these two bills.
The bills aren’t perfect. No legislation is. As a country and as an industry, we cannot let perfect be the enemy of the good. Congress must continue stewarding these efforts to protect American technological leadership, provide important market protections, and promote a free and open internet. I applaud the efforts of members from both parties to move these bills forward, and I hope legislators across both chambers will take these proposals seriously, work to improve them, and turn them into law.
Beyond legislation, our government should be at the forefront of investing in blockchain research and development. Some of the most meaningful technologies on earth–GPS, rockets, and even the internet–were initially incubated by the U.S. government. European and Asian governments are already investing in blockchain. The European Commission even runs a digital ledger sandbox to identify potential private-public partnerships. We should do the same.
Policymakers need to experiment with the technology themselves. Ethics rules prohibit most government officials who regulate digital assets from using them.This makes it tough to craft good policy: Imagine trying to regulate social media without having ever opened Facebook!
There are creative solutions that give policymakers access to the technology. For example, the government could take advantage of crypto’s speed and cost-effectiveness to send humanitarian relief funds and launch decentralized communications networks in low-connectivity areas.
There are hundreds of ways that the U.S. government can encourage this new wave of the internet and support brilliant blockchain entrepreneurs. I welcome an open conversation with policymakers about web3, its potential, and yes, its pitfalls. Let’s keep builders building in America.
Anatoly Yakovenko is a cofounder of Solana and the CEO of Solana Labs. The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs ofFortune.
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FAQs
Solana cofounder: 'To keep the next great American founder in America, Congress must regulate crypto. But first lawmakers should learn how it works' Anatoly Yakovenko is a co-founder of Solana and the CEO of Solana Labs. I was born under Soviet rule in modern-day Ukraine.
How much is Solana co founder worth? ›
However, this has since multiplied, with his net worth now closer to $500 million. The precise total is unknown, however, most publications cite Yakovenko's net worth of around $460 million as of May 2024. Given him being a Solana co-founder and active CEO, Yakovenko likely holds a substantial amount of SOL.
What is the new crypto bill in Congress? ›
The legislation – largely driven by House Republicans – would establish a regime to regulate the U.S. crypto markets, setting consumer protections, installing the Commodity Futures Trading Commission (CFTC) as a leading regulator of digital assets and the watchdog of the non-securities spot markets and it would more ...
How does Solana work? ›
The Solana blockchain uses a proof-of-history consensus mechanism. This algorithm uses timestamps to define the next block in Solana's chain. Most early cryptocurrencies, such as Bitcoin and Litecoin, use a proof-of-work algorithm to define the blocks in their chains.
Who is the founder of Solana crypto? ›
🌟 Anatoly Yakovenko introduced Ethereum Killer Solana to the crypto world — a secure, scalable, and faster blockchain network. 📚 Yakovenko graduated with a Bachelor of Computer Science from the University of Illinois Urbana-Champaign and has a background in startups and software engineering.
Did Solana make millionaires? ›
Solana (SOL -10.23%) has minted a lot of millionaires since its launch in 2020. The cryptocurrency started trading at $0.95 and hit its all-time high of $260.06 on Nov. 6, 2021 -- which would have turned a $10,000 investment into $2.74 million.
What's the highest Solana has been? ›
Solana's Price History
This potential was not unnoticed, as the price of Solana soared, reaching an all-time high of $US260 on November 6, 2021.
What bill passed to ban digital currency? ›
The CBDC Anti-Surveillance State Act protects Americans from the growing Administrative State by banning the Federal Reserve from issuing a central bank digital currency.
What is the bill to regulate cryptocurrency? ›
The FIT 21 Act divides digital assets into three categories: digital commodities, restricted digital assets and permitted payment stablecoins. The bill focuses on the first two categories and allocates primary regulatory authority over digital commodities to the CFTC and over restricted digital assets to the SEC.
What is a fit 21 bill? ›
“FIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States. The bill also ensures America leads the financial system of the future and remains a hub for technological innovation.
Enjoy selling Solana with transaction fees as low as 1% for bank transfers and 4.5% for cards. MoonPay customers can buy Solana and store it in any supported wallet, and later cash out SOL for fiat directly to their bank account.
Is it worth keeping Solana? ›
As long as Solana continues to be the best project in crypto, you can hold for the long term, but you need to keep researching crypto. Don't get stuck like the eth maxis.
Is Solana better than Ethereum? ›
Ethereum has low speed and scalability, but several times more TVL (the amount of funds locked in the blockchain). Solana has a more advanced consensus algorithm that provides faster network speeds. Stability, decentralization, and almost complete trust from the community, investors, and developers.
Who is suing Solana? ›
The SEC has also filed a lawsuit against a cryptocurrency exchange alleging that Solana should be regulated as a security. Solana's total market cap was US$55 billion in January 2022. However, by the end of 2022, this had fallen to around $3 billion following the bankruptcy of FTX.
Who controls Solana? ›
The Solana blockchain is guided by Solana Labs as a core contributor, while also being supported by the Solana Foundation, a Swiss-based non-profit dedicated to growing the community and funding development.
What is the old name of Solana crypto? ›
History of the Solana cryptocurrency
The project was initially known as Loom, but shortly after it changed its name to Solana, a name that would later be used for the registration of the company Solana Labs, in March 2018.
How much is Solana company worth? ›
The live price of Solana is $ 144.34 per (SOL / USD) with a current market cap of $ 66.64B USD. 24-hour trading volume is $ 2.18B USD.
Who is the co founder of Solana Raj? ›
Raj Gokal is the co-founder of Solana and president of Solana Labs. He also serves on the board of the Solana Foundation. He was previously focused on startups in behavioral health.
How much income from Solana? ›
The current estimated reward rate of Solana is 5.91%. This means that, on average, stakers of Solana are earning about 5.91% if they hold an asset for 365 days. The reward rate has not changed over the last 24 hours. 30 days ago, the reward rate for Solana was 5.96%.
Who are the biggest Solana holders? ›
Top 100 Richest Solana Addresses MainNet
| # | Address | Percentage |
|---|
| 1 | MJKqp326RZCHnAAbew9MDdui3iCKWco7fsK9sVuZTX2 | 1.01% |
| 2 | 52C9T2T7JRojtxumYnYZhyUmrN7kqzvCLc4Ksvjk7TxD | 0.85% |
| 3 | 8BseXT9EtoEhBTKFFYkwTnjKSUZwhtmdKY2Jrj8j45Rt | 0.77% |
| 4 | GitYucwpNcg6Dx1Y15UQ9TQn8LZMX1uuqQNn8rXxEWNC | 0.71% |
67 more rows