“The Blockchain Industry Requires More Widespread Promotion”, Says NY State Assemblyman

As per Clyde Vanel, a New York State Assemblyman, the blockchain sector as a whole requires better lobbying efforts so as to educate regulators about the immense financial potential of this burgeoning technology.

These comments were made by Vanel as part of the ongoing ConsenSys Ethereal Summit yesterday.

More on the Matter

While delivering his address at the above stated event, Vanel stated that crypto/blockchain businesses need to work towards marketing themselves better so as to accurately portray their accomplishments to the masses. He then added that most projects with real value were getting little to not attention since the mainstream media at large was focusing primarily on the bad actors operating within this domain.

Also, the NY state assemblyman highlighted the importance of educating lawmakers and legislators about bitcoin and blockchain/crypto enabled technologies so that they can take unbiased decisions when formulating policies surrounding this nascent space.

  • Vanel was also quoted as saying that individual state governments had the “responsibility of facilitating better crypto-regulatory frameworks” for their citizens.
  • On the subject, he also added that New York was one of the first states to establish a cryptocurrency task force in January so as to protect the investments of its altcoin enthusiasts.
  • For those of our readers who may not be aware, the primary goal of the aforementioned task force is to look closely at the various regulations and use cases surrounding the digital asset market.

Lastly, on the subject of blockchain’s massive financial upside, Julie Samuels, was recently quoted as saying:

“Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come.”

Final Take

In closing out this piece, it should be mentioned that last year, federal regulators from Washington bore witness to the testimony of a “crypto panel” that was looking to foster positive regulations around this up-and-coming space.

With that being said, it still appears as though a large number of congressmen still view BTC, ETH as being Ponzi schemes or tools that can be used by miscreants to launder money across the globe.

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