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Jesse Walden
@jesse
permissionless innovation in the early internet was enabled by open protocols AND protected by a strong regulatory foundation: the first amendment. the fundamental unit of the internet is packets, containers for arbitrary information-and transmitting information is generally protected as free speech. the fundamental unit of crypto is tokens, containers for arbitrary value-and transmitting value is generally among the most highly regulated activities in world. so while permissionless innovation in crypto is similarly enabled by open protocols, it’s lack of a regulatory protection or clarity has been limiting.
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Jesse Walden
@jesse
skeptics will claim that crypto gaining a strong policy framework is a l fight for the right to speculate, but it’s really a fight for permissionless innovation to happen within strong policy foundation that protects and enables it. this is why policy progress in DC is such a big deal. the industry has been pushing a boulder uphill without any strong footing to stand on. and finally we’re seeing some signs of traction. and there’s still a long way to go. while the early internet may have had a stronger policy foundation, permissionless information innovation required custom rulemaking for it to scale and sucdeed. for example, use of cryptography had to be reclassified from a traitorous munitions export for SSL to exist and DMCA had to be introduced to adapt copyright law for mass scale user generated content. it took a decade+ for this to play out, and that was close to two decades into the existence of the enthusiast/academic internet that was in use prior.
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Jesse Walden
@jesse
so 2 takeaways: 1) it always takes longer than you think 2) policy that protects permissionless innovation is part of the recipe for success
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