Electric Capital joins the Crypto Council for Innovation (CCI) to help advance Web3
Before we onboard the next billion Web3 users, we need clear, appropriate, and novel regulatory and tax frameworks that unlock innovation and provide users clarity.
To support this mission, we’ve joined the Crypto Council for Innovation (CCI), the premiere industry alliance for advancing the promise of crypto. We are excited to join existing members from across the industry, including Andreessen Horowitz, Block, Coinbase, Fidelity Digital Assets, Gemini, Paradigm, and Ribbit Capital.
As part of CCI, we will continue to share with policymakers the data that our engineering team collects and analyzes. Data is critical for governments across the world to make well-informed, data-driven decisions on crypto regulation. We’ve already shared data from our annual Developer Report with legislators. The Report tracks developer activity across Web3, and showcases the ecosystem’s astonishing growth over the past few years.
We have also shared data related to the locations of Web3 developers. Today, the U.S. is losing market share of Web3 developers to countries like Russia and India. While the U.S. remains ahead overall, U.S. policymakers should be focused on crafting a regulatory framework that encourages innovation at home rather than pushing it overseas.
Much of the world will follow the U.S.’s policy lead. Europe, Latin America, Australia, and Southeast Asia will all look to the U.S. and how it chooses to regulate Web3. Because of this, we are first focused on crafting the right policies in the U.S. Ultimately, we believe these American policies will be implemented globally.
Fortunately, more U.S. Congress members and Senators want to engage with us than ever before. They are hungry for data, and want to learn more about Web3. Already, we are meeting with two to three Representatives and one to two Senators each month to explain the importance of Web3. The recent White House executive order also signals that the U.S. is seriously exploring how best to regulate the industry.
Engaging with these legislators and regulators is critical to passing legislation that unlocks innovation.
Currently, these policymakers question Web3’s impact on consumer protection, financial stability, and illicit finance. They want to understand how Web3 can drive economic equity, broaden financial access, and fight authoritarian regimes. Our challenge as a community is to offer them concrete information and real solutions.
We are delighted to join CCI and have new, top-tier partners with which to work towards the sustainable growth of the Web3 ecosystem. We will work alongside CCI, Sheila Warren and the CCI team, and all of CCI’s other partners to demonstrate the transformational promise of crypto and help communicate its benefits to policymakers, regulators, and people around the globe.