Ben Strack

<div id="highlights-block_63405c27fafaf" class="highlights">
 <ul>
 <li>Citi Ventures’ director of blockchain and digital assets joins Six Digital Exchange</li>
 <li>Crypto ETP issuer taps Hive Blockchain Technologies founder as new CEO</li>
 </ul>
 
</div>



2020 Democratic presidential candidate <a href="https://www.linkedin.com/in/andrewyangvfa/" target="_blank" rel="noreferrer noopener">Andrew Yang</a> joined Pool Data as a strategic adviser as he seeks to transform the data economy via Web3 technology.



Pool Data is deploying Web3 to build infrastructure in an effort to allow people to monetize and control their online data. Yang said in a statement that the data economy is on the verge of a once-in-a-generation shift.



“Individual consumers are massively outgunned and out-resourced by trillion-dollar tech companies,” Yang said. “It makes sense for consumers to come together, pool their data, and form data unions that can negotiate collectively and command a fair share of the data economy for all.”



Yang has brought the issues of data control and monetization onto the political agenda through the <a href="https://www.datadividendproject.com/" target="_blank" rel="noreferrer noopener">Data Dividend Project</a>, which aimed to establish data-as-property rights under privacy laws such as the California Consumer Privacy Act.



The political figure and entrepreneur <a href="https://cms.blockworks.co/andrew-yang-we-must-avoid-politicizing-crypto-web3/" target="_blank" rel="noreferrer noopener">told Blockworks in an interview</a> earlier this year that crypto and Web3 advocates need to get more politically involved. He <a href="https://cms.blockworks.co/andrew-yang-turns-to-dao-in-web3-lobbying-push/" target="_blank" rel="noreferrer noopener">revealed Lobby3 DAO</a> in February — designed to fund policy advocacy and educate lawmakers about the positive potential of Web3.



Bitcoin company NYDIG promoted Tejas Shah and <a href="https://www.linkedin.com/in/nate-conrad-41b0b4173/" target="_blank" rel="noreferrer noopener">Nate Conrad</a> to become the firm’s CEO and president, respectively.



The move comes as the company said its bitcoin balances hit an all-time high during the third quarter. Shah and Conrad will focus on picking up the pace on NYDIG’s investments in its mining solutions and platform technology businesses.



The two are set to replace CEO Robert Gutmann and President Yan Zhao, who will remain at NYDIG parent company Stone Ridge Holdings Group, which they co-founded with Ross Stevens in 2012.



Shah was most recently NYDIG’s global head of institutional finance, while Conrad worked as global head of payments. Prior to joining NYDIG in 2020, Shah had a nearly 20-year career at Goldman Sachs. Conrad joined Stone Ridge in 2016 and NYDIG in 2020 after also beginning his career at Goldman Sachs.



<a href="https://www.linkedin.com/in/alexandrekech/?originalSubdomain=ch" target="_blank" rel="noreferrer noopener">Alexandre Kech</a>, who is leaving his role as director of blockchain and digital assets at Citi Ventures, is set to join Six Digital Exchange.



“This week is my last at Citi Ventures, more than a year after launching the Blockchain &amp; Digital Asset Studio practice,” he wrote in a LinkedIn post. “This may seem like a short tenure, and it is. But sometimes, an exceptional opportunity comes along.”



Before joining the Citigroup subsidiary in September 2021, Kech was a head of securities and foreign exchange markets at SWIFT and later co-founded Onchain Custodian, where he worked as CEO.&nbsp;



The founder and former president of crypto miner HIVE Blockchain Technologies took a new position as the CEO of Valour, an issuer of crypto ETPs.&nbsp;&nbsp;



<a href="https://www.linkedin.com/in/olfrancois/details/experience/" target="_blank" rel="noreferrer noopener">Olivier Roussy Newton</a>, who also co-founded Valour, replaces Russell Starr, who is set to re-assume the role of head of capital markets and maintain his role as executive chairman.



“My role was never intended to be permanent and having someone with Olivier&#8217;s pedigree step in is testimony to the quality of Valour as a company and the global team supporting Valour&#8217;s vision of being the dominant ETP player in the world,&#8221; Starr said in a statement.



Roussy Newton is a partner at investment fund Latent Capital and currently sits on the board of SEBA Bank AG.



Software development company Alluvial appointed a former Coinbase Cloud executive as its chief growth officer as the company continues its focus on building secure liquid staking solutions.



<a href="https://www.linkedin.com/in/mara-schmiedt-506862124/" target="_blank" rel="noreferrer noopener">Mara Schmiedt</a> joins Alluvial as its chief growth officer after serving as Coinbase Cloud’s head of sales, a role in which she oversaw customer relationships, strategic partnerships and corporate growth initiatives.



Prior to joining Coinbase, she managed business development at blockchain-based infrastructure company Bison Trails, which Coinbase bought in February 2021. Schmiedt also previously worked as a strategy manager at blockchain tech company ConsenSys from 2018 to 2020.



Crypto exchange LMAX Digital hired <a href="https://www.linkedin.com/in/bryanchristian1/" target="_blank" rel="noreferrer noopener">Bryan Christian</a> as director of US sales and <a href="https://www.linkedin.com/in/cassandra-cox-33271313/" target="_blank" rel="noreferrer noopener">Cassandra Cox</a> as director of institutional sales in Europe.&nbsp;



Christian and Cox will oversee the growth and expansion of the company’s crypto product pipeline and lead sales coverage for institutional clients in the US and Europe, respectively.&nbsp;



A former head of exchange at crypto exchange CrossTower, Christian was also previously a managing director at Nasdaq and head of US sales at Cboe Global Markets. Cox was at Société Générale from 2012 until September 2021, where she was a managing director focused on institutional foreign exchange and emerging market sales.



Maple, a platform where pooled capital is lent to crypto firms, brought aboard <a href="https://www.linkedin.com/in/chad-walls-65527211/?originalSubdomain=uk" target="_blank" rel="noreferrer noopener">Chad Walls</a> as the company’s new capital markets director and <a href="https://www.linkedin.com/in/limdaniel100/" target="_blank" rel="noreferrer noopener">Daniel Lim</a> as an associate director of capital markets.&nbsp;



Walls was previously an institutional business development director of Celsius, a crypto lender that <a href="https://cms.blockworks.co/celsius-to-file-for-bankruptcy-imminently-report/" target="_blank" rel="noreferrer noopener">filed for bankruptcy</a> in July. Lim most recently held product strategy roles at HPS Investment Partners and Riverstone Holdings, and also previously worked on Goldman Sachs’ cross-asset sales team.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Andrew Yang

Latest in Crypto Hiring: Andrew Yang To Advise Web3-Focused Firm

Entrepreneur, author and 2020 presidential candidate Andrew Yang joins Blockworks&#8217; co-founder Jason Yanowitz and co-host Santiago Santos Roel in the latest episode of &#8220;<a href="https://youtu.be/Y4vY3zrl-Pk" target="_blank" rel="noreferrer noopener">Empire</a>.&#8221;



Andrew discusses the biggest challenges facing the US today and shares his thoughts on income inequality, universal basic income and his vision for a multiparty system and the growth of Web3.



Plus, hear more on:



<ul class="wp-block-list"><li>Lobby3 DAO</li><li>the polarized nature of the US</li><li>and so much more!</li></ul>



Check out what they had to say in the video below.👇



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Our Institutions Are Failing Us | Andrew Yang" width="1024" height="576" src="https://www.youtube.com/embed/Y4vY3zrl-Pk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading">About the show</h3>



&#8220;Empire&#8221; is a twice-a-week show. On Thursdays, Jason interviews crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Friday&#8217;s weekly roundup episodes feature <meta charset="utf-8">co-host Santiago Roel Santos and cover the top news from the past week.



For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.



Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/playlist?list=PLvER9nHSRN3wPkrDGTT5_8VC4Hjcq0f9U" target="_blank" rel="noreferrer noopener">YouTube</a>.



<hr class="wp-block-separator"/>



Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a target="_blank" href="https://cms.blockworks.co/newsletter/?source=end" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.



<hr class="wp-block-separator"/>

Podcast: Our Institutions Are Failing Us | Andrew Yang

<div id="highlights-block_62167c1871c86" class="highlights">
 <ul>
 <li>The lobbyist is “optimistic” about the crypto executive order expected this week</li>
 <li>The Blockchain Association, which educates lawmakers and regulators on crypto and blockchain technologies, hopes to further grow its lobbying forces</li>
 </ul>
 
</div>



Blockchain Association Executive Director Kristin Smith expects a pending digital assets executive order from President Biden to set up a roadmap for federal agencies to cooperate on everything from taxation to securities regulations.



The prominent crypto lobbyist talked with Blockworks at ETHDenver to give her take on regulatory expectations this year. Founded in 2018, the association focuses on public policy crypto initiatives, including outreach to lawmakers.



Smith, a former Senate and House of Representatives staffer, is also an independent director at Anthony Scaramucci’s SkyBridge Capital and on the Filecoin Foundation’s board.



The executive order — which reportedly will include a strategy for assessing a central bank digital currency (CBDC) — could come this week, <a href="https://finance.yahoo.com/news/biden-order-on-crypto-oversight-expected-next-week-source-says-173452499.html" target="_blank" rel="noreferrer noopener">according to Yahoo Finance</a>. What else it covers is up for debate.



“I’m sure there will be some mention of illicit finance,” Smith said. “But I think that might be balanced with a more positive message that this is an important area and an important step forward in the evolution of networks.”



Former presidential and New York City mayoral candidate Andrew Yang said at ETHDenver he’s optimistic about the upcoming executive order. Yang <a href="https://cms.blockworks.co/andrew-yang-turns-to-dao-in-web3-lobbying-push/" target="_blank" rel="noreferrer noopener">announced last week</a> a DAO to fund pro-Web3 lobbying.



“No one knows exactly what the approaches are going to be, what the regime is going to be, what the rules are going to be, even who the regulators are necessarily going to be,” Yang said. “If you get clarity on those things…you can imagine the future of this just multiplying over and over again, because people will know what the rules of the road are.”&nbsp;



Check out more excerpts from Blockworks&#8217; Ben Strack&#8217;s conversation with Smith below.



<hr class="wp-block-separator"/>



Strack: How have the focuses of the Blockchain Association changed over time?



Smith: When the Blockchain Association started three and a half years ago, we were pretty focused on the securities clarity issue at the time, and in 2018, it was coming off the [initial coin offering] craze of 2017 and there were a lot of concerns about the pre-sale of tokens at the time.



I think if you fast-forward to today, there are a lot of different ways now for tokens to be issued. There’s still confusion about securities laws, but the issue has changed a little bit. Also on the securities front, there’s questions around secondary market trading and what are the best practices there.&nbsp;



Even further with DeFi being a major force today — I don’t think that term existed in 2018 — just trying to figure out [how] those protocols might be regulated in the future.



The tax policy issues have gotten much more complicated. There’s questions around staking and lending, which were less common activities in 2018. Reserve-backed stablecoins have become a thing.



Strack: What do you make of the recent Congressional hearings on crypto?



Smith: It’s really getting better. I think <a href="https://cms.blockworks.co/crypto-industry-will-move-offshore-if-congress-doesnt-act-executives-warn/" target="_blank" rel="noreferrer noopener">that hearing</a> from the Financial Services Committee back in December was really a great hearing — interestingly not just for crypto, but for all of tech.



It was really thoughtful. There were really well-informed questions, and I think the level of education has grown.&nbsp;



​​We have a lot of inbound [requests] from individual offices on [Capitol Hill], from regulators, from federal agencies, from groups of congressmen that want to learn, and are asking for us to come in and tell them about Web3 or come in and tell them about NFTs. It’s a lot different than when we were sort of begging for anyone to take a meeting with us.&nbsp;



Strack: How has participation from the broader crypto community evolved?



Smith: The Blockchain Association represents the industry perspective, but this space is so much more than a traditional industry. It’s a whole ecosystem of creators and users and developers, and there needs to be a way for those people to participate in the process.



I think that given the communicative nature of the industry — and all of our Twitter chats and Discord channels and everything else — we’ve done a pretty good job when we’ve needed to mobilizing people to weigh in with the Senate or FinCEN [Financial Crimes Enforcement Network] or whatever agency or body of Congress we need to reach. But I think we can take that to a higher level.



I think Andrew Yang’s focus on the poverty alleviation of this is a really important piece of the conversation. I think that what [Messari Founder] Ryan Selkis is trying to do with the Digital Freedom Alliance and giving people information about candidates and finding ways for them to be involved is a great effort.&nbsp;



Strack: What are some areas of crypto that might not be getting as much regulatory attention?



Smith: We need to have a serious conversation about the legal status of DAOs [decentralized autonomous organizations] and giving them legal liability. That’s probably something that has to be done on the state-level.



I also think there’s a really good conversation to be had around privacy — being able to not have to show your entire net worth and transaction history to someone who is sophisticated enough to trace it back to you. At the moment, that’s not really at the forefront of lawmakers’ minds — maybe some regulators’ minds.



If you look at Congress, they’re really into stablecoins, largely because I think they can understand what a stablecoin is, and it’s kind of like banking, and so they sort of get that. And people are interested in the securities laws issues, particularly [SEC Chair] Gary Gensler.



Strack: A spot bitcoin ETF has not yet gained approval in the US. How do you feel about that?



Smith: We think the fact that they have approved a futures ETF but not a spot ETF is an [Administrative Procedure Act] violation, and so we think that they should move quickly. There have been members of Congress that have reached out to us that we’ve educated on the issue and want to learn more.



That’s something that we’re taking a serious look at, and our lawyers are taking a serious look at trying to figure out if there are other actions we could take to help move that along and be productive.



Strack: Do you believe a spot bitcoin ETF will be approved in the US anytime soon?



Smith: I don’t see it happening. Based off what Gary Gensler has said, he wants to see regulation of the spot markets. But that is not an easy thing to do, because I don’t believe that most of these tokens — at least the ones trading in the US — are securities. I think they’re commodities, and there is no clear authority, outside of the [Commodity Futures Trading Commission]’s anti-fraud and anti-manipulation authority, for a spot market regulator.



So, that would take an act of Congress, and I think that’s going to take a little bit of time before we see some momentum on that front.



I don’t think that Gary Gensler is going to approve a spot ETF unless he’s held to by the courts or something. I think it’s going to be awhile.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Blockchain Association Executive Director Dishes on Crypto Regulation Roadmap

<div id="highlights-block_620eb12cc8133" class="highlights">
 <ul>
 <li>Andrew Yang said Web3 technologies present “the most profound opportunity to fight poverty”</li>
 <li>Membership in the Lobby3 DAO costs 0.07 ETH, while becoming an “advocate” in the community is priced at one ETH</li>
 </ul>
 
</div>



Former presidential and NYC mayoral candidate Andrew Yang is aiming to launch a DAO to get lobbying dollars and the lawmakers they influence on board with Web3.



Yang announced the initiative, called Lobby3, <a href="https://twitter.com/AndrewYang/status/1494295220023971845" target="_blank" rel="noreferrer noopener">in a Twitter post</a> Thursday. After its lobbying infrastructure is built, a portion of the proceeds will fund a DAO (decentralized autonomous organization). The minting of Lobby3 tokens is set for Feb. 28.



It is a blockchain-driven pivot from Humanity Forward, a nonprofit launched by Yang in 2020 focused on anti-poverty measures, including the child tax credit.



“But now I’ve realized that the most profound opportunity to fight poverty lies in Web3 technologies,” he said in the Twitter video. “Unfortunately our leaders in DC don’t really get these technologies — they’re a little bit nervous about them, so that’s what we have to change.”



Lobby3 token holders can participate in community votes, roundtable discussions with policy leaders and exclusive events.



Baseline DAO membership costs 0.07 ether, while becoming an “advocate” — with additional access to certain virtual and in-person events — is priced at one ETH.



<a href="https://www.lobby3.io/#how-it-works" target="_blank" rel="noreferrer noopener">Lobby3</a> intends to fund advocacy organizations in DC to form relationships with lawmakers and educate them on Web3. It’s also looking to recruit governors and mayors to run Web3 pilots to show how blockchain technology can boost financial inclusion and reduce poverty.



Yang previously told <a href="https://cms.blockworks.co/andrew-yang-we-must-avoid-politicizing-crypto-web3/" target="_blank" rel="noreferrer noopener">Blockworks</a> that Web3 must become a vital source of money, media and votes.



“Let’s say that we were to do a cryptocurrency pilot in a Black neighborhood in Ohio, and then the Democratic senator, Sherrod Brown, was to see that some of his constituents are able to access financial services in a way that they weren’t able to before,” Yang said. “Then, when he gets asked about the technology, he has a completely different perspective and outlook on it.”



Brown called crypto “a shady, diffuse network of online funny money” in July.



The launch of Lobby3 comes as spending on crypto lobbying grew to nearly $5 million in 2021, according to a Crypto Head analysis of OpenSecrets data — a 116% increase from 2020.



Coinbase, the Blockchain Association, Ripple Labs and Robinhood have each spent more than $1 million for crypto lobbying over the past five years, the report found.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Andrew Yang Turns to DAO in Web3 Lobbying Push

<div id="highlights-block_6202971893b56" class="highlights">
 <ul>
 <li>Perception of the digital asset space must move beyond “a bunch of crypto bros who are speculating,” according to Yang</li>
 <li>The Forward Party, a political action committee that the former Democrat created in October, is seeking to become the movement that helps mainstream crypto technologies</li>
 </ul>
 
</div>



Advocates of crypto and Web3 must get more politically involved to ensure innovation and growth are not impeded, according to former presidential candidate Andrew Yang.



Yang, who ran for president in 2020 and was a candidate for New York City mayor the following year, formed his own political organization in October.



Called the Forward Party, the political action committee focused on issues such as open primaries and ranked-choice voting. It is also looking to become the movement that helps mainstream crypto technologies, Yang explained.



Nearly four out of five voters would be more likely to support a candidate that supports expanding Web3, according to <a href="https://cms.blockworks.co/a16z-poll-voters-will-prefer-candidate-that-supports-web3/" target="_blank" rel="noreferrer noopener">a December survey</a> by venture capital firm Andreessen Horowitz.



Politicians have been introducing legislation related to crypto in recent months. Two Democrats and two Republicans in Congress <a href="https://cms.blockworks.co/bipartisan-bill-proposes-tax-exemption-for-small-crypto-transactions/" target="_blank" rel="noreferrer noopener">proposed a bill last week</a> to make the daily use of digital assets more practical.



But Yang argues that many people still shrug when politicians speak in favor of, or against, crypto.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“What we have to do is activate the Web3 community to become a vital source of money, media and votes so that if a member of Congress takes a negative approach, then they pay a price at the polls,” Yang told Blockworks in an interview.</blockquote>



Though the Forward Party has not declared any endorsements or made any donations to candidates, it will look to support candidates that advocate for the growth of crypto, DeFi and Web3, according to a spokesperson.&nbsp;



“Since democracy reform is our central issue, that carries more weight than their stance on these issues, so not all our endorsements will be of politicians who promote them,” the Forward Party representative added. “But it is a key consideration in every decision we make on that front.”



Check out more excerpts from Blockworks’ Ben Strack’s Q&amp;A with Yang below:



Strack: What most excites you about the crypto space?&nbsp;



Yang: The unprecedented wave of value creation and access to opportunity, where you have people who have been on the outside looking in all of a sudden in position to start exciting new businesses or driving new jobs.



The things I’m keeping track of are when creators have the ability to enjoy more of the value than they’re actually generating. In so many situations now, you have this entire network of toll takers and transaction costs and intermediaries, and Web3 has the potential to remove any barriers between creators and their supporters.



Strack: What are your takeaways from some of the recent Congressional hearings related to blockchain technologies?



Yang: On one hand, you can regard it as a good thing, because there’s some education going on. On the other hand, you can see that we’re in early days, because most members of Congress have only the most rudimentary familiarity with the space, the technology and the industry.&nbsp;



This is a crucial time [when] we have to do everything we can to keep Web3 from being politicized.



If we can avoid that fate, then we can become an industry that continues to create billions of dollars of value and tens of thousands of jobs. So that’s something we have to be rushing towards as quickly as possible.



Strack: How might the industry seek to change the way it is perceived by some?



Yang: What has to happen is that the industry enjoys a broader perception.



Let’s say that we were to do a cryptocurrency pilot in a Black neighborhood in Ohio, and then the Democratic senator, Sherrod Brown, was to see that some of his constituents are able to access financial services in a way that they weren’t able to before. And then when he gets asked about the technology, he has a completely different perspective and outlook on it.



(Brown said, “There’s nothing democratic or transparent about a shady, diffuse network of online funny money,” during a hearing of the Senate Committee on Banking, Housing, and Urban Affairs in July. A spokesperson for the senator did not return a request for comment.)&nbsp;



These are the kinds of things we have to be building so that the industry is not perceived frankly as a bunch of crypto bros who are speculating. We have to show that the real-life implementations can improve people’s lives.



Strack: How do you interpret the party divide around crypto?



Yang:&nbsp; The Democrats represent the institutions, and right now they happen to have control of the government. So if you are a regulator in the [Securities and Exchange Commission] or an administrator in the Treasury Department…you’re going to want to regulate [Web3 and cryptocurrencies], and you’re probably going to have a fairly negative attitude about them.



In Republican circles, there’s a greater appetite for innovation and competition. There’s an overlap with libertarianism, so they would be more skeptical and dubious of regulation.



If we become a political football like so many other things in American life, then the outcome is likely to be like many other things we’ve seen where the pendulum swings, and that’s no way to build an industry.&nbsp;



You can’t have it so that you have incredibly onerous regulations and then maybe one side is able to undo some of them, and then the other side comes back to power.



Strack: What are your thoughts on a US regulatory agency dedicated to crypto?



Yang: It’s a dream that should be a reality, but I’m going to say right now that it’s unlikely, because regulators like power.



This is a brand-new set of technologies and industry. It’s tough to categorize it as a security or a commodity or perhaps a currency, so you need a set of regulators who are dealing with this specifically who are more familiar and even expert in the technologies and different types of offerings.&nbsp;



[They shouldn’t] just show up on the scene and treat everything like something else that they happen to be more familiar with.



Strack: How does the Forward Party plan on getting involved?



Yang: We are very pro-cryptocurrency as a means for immense value creation. The Forward Party wants to become the movement that helps mainstream these technologies.



I think the people in the cryptocurrency space don’t really fall into any conventional political ideology. Many of them are — like me — just focused and want to make the world better and make things more efficient.



Right now, it’s hard to find a political party that represents that. I want the Forward Party to represent that.



We need to get to work, because if we don’t, there are going to be some poorly thought-out regulations coming out of DC that have the potential to impede the growth and development of a trillion-dollar industry.



You hate politics — I get it. But let’s play and play to win. We’re smarter than these guys.



Strack: How should individuals be getting involved politically?



Yang: At present, the Web3 community is just starting to dip its toe into politics; it hasn’t regarded it as a top priority. This is a mistake, because there is a grave threat to the industry from overzealous regulation.



I’m the math guy, so let’s say that there is a 50% chance…that regulators do something stupid, and then let’s say that you think their approach has the potential to diminish the value of your current holdings by 40%. That’s essentially a 20% discount to your holdings that could conceivably already be baked in.



If you had a movement or a set of lobbyists or political organizations that you think reduce the threat by some proportion — let’s say by another 50% — you actually should be prepared to invest approximately 10% of your holdings in supporting Congressional candidates who are favorable to the industry, on lobbyists who can go to members of Congress, and say, ‘look, these regulations are unintelligent and will suppress innovation.’



No one likes to hear that you should probably be giving 10% of your holdings to these kinds of activities. It’s a drag…but it’s just math.



We’ve been allowed to grow, essentially left to our own devices, but that era is ending. At this point, I think the best approach is to expect some measure of regulation, and the goal has to be that it’s well thought out and intelligent and developed in connection with the leaders of the industry who want to continue to develop world-changing organizations and technologies.



Strack: Do you think you’ll run for office again?



Yang: Right now, I’m focused on doing what’s in front of me and trying to create or maintain as much value as I can. That includes preserving the potential of these technologies to improve the human condition.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>