Thread by @CryptoLawUS

"We need a regulatory framework that builds on this growth, not one that squanders it. Two regulatory actions in December indicate that Washington doesn’t understand that." (1/6) by @KiteVC via @MorningConsult
morningconsult.com/opinions/crypt…

(2/6) "The @SEC_Enforcement sued @Ripple, the inventor of the #XRP token, claiming that the cryptocurrency was an unregistered security when they sold it. Many say the lawsuit reflects a failure to understand the nature of cryptocurrencies and the networks on which they operate."

(3/6) "The @USTreasury also proposed a set of rules for self-hosted wallets that U.S. cryptocurrency exchanges say could put them out of business. The backdrop of all of this is an $84T global economy struggling against negative growth, carrying $270T trillion in debt.."

(4/6) "...that grew by roughly 10% in the past year. The only way to reverse this dangerous trend is to move more people back into the productive economy — and that will take embracing innovation."

(5/6)"The Biden administration needs to understand that it must set clear rules rather than take wasteful rear-guard actions. A failure to create a regulatory framework that supports cryptocurrency growth means that the US will not only fall behind in global financial services.."

(6/6)"...but it will also endanger the value of the U.S. dollar itself. If we don’t innovate, the dollar could become the long-distance call in a WhatsApp world."
**Bill Tai (@KiteVC) was among the earliest investors in @canva, @dapperlabs @WishShopping and @Zoom.