New York Assemblyman Clyde Vanel has said that the Blockchain industry needs to be good at educating regulators and lobbying for itself. Vanel shared his thoughts in Ethereal Summit on May 10. He said that blockchain and crypto-based businesses and projects need to think out of the box to better promote their value and accomplishments to the public. He noted that bad actors often get special media hype, while projects with real value are overlooked.
Concerning blockchain, Vanel emphasized the importance of educating the decision-makers, community, lawmakers and other game players about the technology. He argued that government institutions have a responsibility to simplify the development of related regulations in the space on government level. The New York state, he said, holds a more measured approach when it comes to the security of investors. He referred to the formation of the country’s first crypto task force in January.
The task force especially aims at analyzing the use, regulation and the definition of cryptocurrency. Commenting on the establishment of the task force, Julie Samuels, director of a non-profit group representing NYC tech firms, said then that ‘’crypto and blockchain industry will surely impact finance and other industries all over the world for years to come.