Navigating Regulatory Changes and Building a Legitimate Bull Market

Opinion by: Adam Silver, co-founder and CEO of Plural EnergyIn recent times, the new administration in Washington has pledged to review outdated cryptocurrency regulations. The appointment of a "crypto czar" and the new head of the US Securities and Exchange Commission is still ongoing, with the industry expressing support for deregulation well before November 2024. The sector remains optimistic about President Donald Trump's promise of a crypto-friendly regulatory environment, especially with Bitcoin (BTC) reaching all-time highs and more corporate treasuries investing in cryptocurrency. It is important for the industry to decide whether it wants to be associated with memecoins or focus on establishing a new financial system that can drive change in key sectors of the US economy. The upcoming bull market presents opportunities for growth, but it is crucial to ensure transparency and avoid misleading practices, particularly when attracting institutional investors. The challenge lies in showcasing the practical applications of blockchain technology beyond the negative portrayals often seen in the media. Traditional media tends to highlight scams and fraud in the crypto space, making it difficult to onboard new users and assets. To address this, there is a need to shift perceptions and highlight the transformative potential of blockchain technology. While memecoins and NFTs have their place, the true value of blockchain lies in addressing systemic challenges across industries. It is essential to focus on use cases that demonstrate the positive impact of blockchain technology and move away from negative stereotypes. Overcoming challenges such as political divisions and industry reputation requires a collective effort to showcase the real value of blockchain and decentralized finance. By demonstrating practical applications in real industries, the goal is to attract new users and promote mainstream adoption without being overshadowed by political influences. The aim is to create an inclusive and authentic crypto-friendly environment for all users.

Investors are expected to remain in the industry, increase investments, and collaborate with blockchain experts to develop new financial products. It is crucial to avoid the industry being solely associated with a gambling culture and ensure diverse voices are heard. The focus should be on supporting a crypto-friendly administration without politicizing the technology. As blockchain becomes more mainstream, it should be inclusive and beneficial to all. The emphasis should be on a positive bull market without the negative connotations.

The industry is becoming increasingly divided along political lines, alienating potential users. Rather than uniting, prominent voices have been criticizing colleagues supporting specific campaigns, deepening the partisan divide and diminishing the industry's appeal. It is vital for the industry to steer clear of becoming a political tool. To overcome these challenges and enhance the industry's reputation, innovators must show new users and outsiders that a thriving market can also be ethical. By highlighting the innovative potential of decentralized finance (DeFi), the industry can attract new users and provide access to capital and financial products without costly intermediaries. It is important to ensure the industry is not solely associated with a casino-like culture or represented by the most vocal and partisan voices. Embracing a crypto-friendly administration without politicizing the technology is crucial for mainstream adoption. The objective is to establish an authentic industry that caters to everyone, free from unnecessary drama.