- Blockchain Association CPO Jake Chervinsky stated that too many policymakers are playing venture capitalist.
- Chervinsky stated that government should stay out of picking winners and losers.
- The Blockchain Association head of policy stated that tech neutrality is a core principle of good policy for a reason.
Jake Chervinsky, Chief Policy Officer of the Blockchain Association, recently spoke about policymakers playing venture capitalist and guessing which technologies will be valuable and which won’t.
Chervinsky stated that policymakers should understand why tech neutrality is a core principle of good policy. He also stressed that picking winners and losers, which is indeed a hard job, should be left to the professionals. Chervinsky also asked the government to stay out of it.
This statement from Chervinsky comes at a time when policymakers are drawing conclusions about the cryptocurrency realm and the technology behind it. It all began with the tightened scrutiny of the cryptocurrency realm by the U.S. Securities and Exchange Commission (SEC) and the recent collapse of cryptocurrency-friendly banks. Rumors started to surface that it was a coordinated attack to send a strong anti-crypto message.
The Blockchain Association has initiated the submission of Freedom of Information Act (FOIA) requests to several federal entities, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). These requests are aimed at procuring information about the abrupt termination of bank accounts belonging to cryptocurrency companies.
Numerous firms have experienced the sudden and unexplained closure of their bank accounts. These reports are unsettling, particularly in light of the recent failures of notable financial institutions such as Silvergate, Silicon Valley Bank, and Signature Bank.
The trend appears to indicate that regulators may be attempting to exclude cryptocurrency companies from the banking system altogether. Despite all the efforts by the lawmakers, the cryptocurrency market is running on a positive note.
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