I appreciate your concise analysis of the significance of this moment and the potential that has yet to fully unfold. Especially when the spotlight has shifted primarily onto AI.
In January of 2022 I was preparing to attend a conference in Jackson Hole aptly named the "10,450 Ft View- The Wild West of NFTs" when it dawned on me how different I was as a second-time founder and how the lack of regulatory clarity of crypto had transformed me. For context, just a few years prior, I was a favorably-rated, technical specialist at the Genius Bar in Bethesda, Maryland humbly soaking in all that retail, tech, hardware, consumer user experience only Apple could offer when I tried (unsuccessfully) to launch an Apple Watch app to track brain activity in Alzheimer’s patients. Among other features, I wanted the Watch to monitor brain activity via the wrist, recognize episodes of memory loss in real time and then engage the wearer by pushing photo, video memories and content. And in preparation for any conference during those earlier years, my routine would involve meticulously reviewing the roster of speakers, honing in exclusively on venture capitalists and similar attendees. Fast forward to January 2022, and due to what I perceived as a convergence of pain points and opportunities within the crypto (and Web 3) space and society, including the debate surrounding ICOs and securities, the ongoing Ripple case at the time, instances of rug pulls, and scammers masquerading as founders exploiting an investment community understandably apprehensive about potentially overlooking a profound and nearly 'deep tech' opportunity that might yield a 100x return. In this instance, my attention was instead directed towards identifying lawyers and subject matter experts who not only aligned with our mission but also shared this high level of moonshot ambition.
Opportunities such as leveling the playing field for the masses by empowering SMB customers and other creators to digitize products, seamlessly transfer value and compete with bigger players while helping underbanked users bypass intermediaries and take control of their finances further strengthened my newfound position that obtaining regulatory clarity would be key to unlocking(and sustaining) true innovation. Innovation that could address user pain points at scale, withstand legal scrutiny and drive longterm returns.
“My perspective is that it’s in the strategic national interest of the U.S. to have these technologies created here, so we can have a say in how they are built and regulated.
If we are right about the potential of this technology, an anti-crypto position by the U.S. government would be akin to handing Europe or Asia the keys to building the Internet thirty years ago. To boot, the vacuum created by U.S. regulatory uncertainty is likely to be occupied by countries that may not share our commitment to privacy and free speech.”
I wholeheartedly agree. Additionally, I'd like to emphasize that us founders, as well as subject matter experts, and funds share some responsibility for the absence of a widely applicable use case for this technology that extends beyond fintech. This exacerbates the delay in the adoption of crypto and Web 3, in contrast to AI. The lack of prominent instances showcasing how these technologies could substantially disrupt B2C marketplaces appears to have left government officials and other 'gatekeepers' seemingly unaware of the potential impact.
“As an optimist, I’m compelled to keep working on behalf of founders and the industry to have digital assets thrive in the U.S. I believe that, in time, the U.S. will get it right.
But in the meantime, the U.S. is losing the initiative.
Our dominance in crypto developer talent is waning.
Digital asset companies are being founded elsewhere.
Projects are restricting American users from accessing them.
And other jurisdictions—most notably the European Union, United Kingdom, and Singapore—are building frameworks that lean into the advantages of the technology and provide a clear regulatory roadmap, to attract these projects.”
I share this sentiment too. You might naively believe in your heart your team is building the “portal to the future” yet in a rare, late night rabbit hole find yourself googling school systems in Singapore for your daughters or Japan because of it’s gaming, tech culture and enthusiasm for MR/AR/VR.
Once more, I appreciate this timely piece that remains relevant even now and until the promises of crypto have delivered more value to the masses.
I appreciate your concise analysis of the significance of this moment and the potential that has yet to fully unfold. Especially when the spotlight has shifted primarily onto AI.
In January of 2022 I was preparing to attend a conference in Jackson Hole aptly named the "10,450 Ft View- The Wild West of NFTs" when it dawned on me how different I was as a second-time founder and how the lack of regulatory clarity of crypto had transformed me. For context, just a few years prior, I was a favorably-rated, technical specialist at the Genius Bar in Bethesda, Maryland humbly soaking in all that retail, tech, hardware, consumer user experience only Apple could offer when I tried (unsuccessfully) to launch an Apple Watch app to track brain activity in Alzheimer’s patients. Among other features, I wanted the Watch to monitor brain activity via the wrist, recognize episodes of memory loss in real time and then engage the wearer by pushing photo, video memories and content. And in preparation for any conference during those earlier years, my routine would involve meticulously reviewing the roster of speakers, honing in exclusively on venture capitalists and similar attendees. Fast forward to January 2022, and due to what I perceived as a convergence of pain points and opportunities within the crypto (and Web 3) space and society, including the debate surrounding ICOs and securities, the ongoing Ripple case at the time, instances of rug pulls, and scammers masquerading as founders exploiting an investment community understandably apprehensive about potentially overlooking a profound and nearly 'deep tech' opportunity that might yield a 100x return. In this instance, my attention was instead directed towards identifying lawyers and subject matter experts who not only aligned with our mission but also shared this high level of moonshot ambition.
Opportunities such as leveling the playing field for the masses by empowering SMB customers and other creators to digitize products, seamlessly transfer value and compete with bigger players while helping underbanked users bypass intermediaries and take control of their finances further strengthened my newfound position that obtaining regulatory clarity would be key to unlocking(and sustaining) true innovation. Innovation that could address user pain points at scale, withstand legal scrutiny and drive longterm returns.
“My perspective is that it’s in the strategic national interest of the U.S. to have these technologies created here, so we can have a say in how they are built and regulated.
If we are right about the potential of this technology, an anti-crypto position by the U.S. government would be akin to handing Europe or Asia the keys to building the Internet thirty years ago. To boot, the vacuum created by U.S. regulatory uncertainty is likely to be occupied by countries that may not share our commitment to privacy and free speech.”
I wholeheartedly agree. Additionally, I'd like to emphasize that us founders, as well as subject matter experts, and funds share some responsibility for the absence of a widely applicable use case for this technology that extends beyond fintech. This exacerbates the delay in the adoption of crypto and Web 3, in contrast to AI. The lack of prominent instances showcasing how these technologies could substantially disrupt B2C marketplaces appears to have left government officials and other 'gatekeepers' seemingly unaware of the potential impact.
“As an optimist, I’m compelled to keep working on behalf of founders and the industry to have digital assets thrive in the U.S. I believe that, in time, the U.S. will get it right.
But in the meantime, the U.S. is losing the initiative.
Our dominance in crypto developer talent is waning.
Digital asset companies are being founded elsewhere.
Projects are restricting American users from accessing them.
And other jurisdictions—most notably the European Union, United Kingdom, and Singapore—are building frameworks that lean into the advantages of the technology and provide a clear regulatory roadmap, to attract these projects.”
I share this sentiment too. You might naively believe in your heart your team is building the “portal to the future” yet in a rare, late night rabbit hole find yourself googling school systems in Singapore for your daughters or Japan because of it’s gaming, tech culture and enthusiasm for MR/AR/VR.
Once more, I appreciate this timely piece that remains relevant even now and until the promises of crypto have delivered more value to the masses.