Trump wins the US election, returning to the White House in glory. How do industry leaders view the upcoming development opportunities that the US government should seize, compared to many of the crypto policies he previously proposed? This article is sourced from Brian Quintenz, the head of policy at a16z, titled "Seven things U.S. government agencies can do to help seize the web3 opportunity," organized, translated, and rewritten by Foresight News. (Background: Preparing for the US election) How have the stock market S&P 500 and Bitcoin historically performed after the past ten elections? (Background information: Wall Street giant Bernstein: No matter who wins the US presidency, Bitcoin will break $200,000 in 2025) For a government, crafting effective policies for emerging technologies can be challenging, especially when the technology does not fit traditional regulatory frameworks. This is the case with Web3, as decentralized systems inherently cannot comply with traditional legal requirements. For example, current rules assume the existence of some centralized intermediary, whereas Web3 typically does not have centralized intermediaries. These rules are intended to mitigate risks such as conflicts of interest and information asymmetry that arise from the presence of trusted centralized entities like management teams; however, applying such rules to decentralized systems could force the system to re-centralize, hindering innovation, undermining Web3's transformative potential, and harming user interests. Decentralization has already reshaped fields such as social media, identity management, creative industries, and finance. Although the US is the developed country with the highest cryptocurrency adoption rate, it does not have an effective regulatory system for decentralized crypto assets. While the US has made some progress (such as FIT21 and Wyoming's DUNA), we still need significant legislative progress to provide regulatory clarity, appropriately encourage decentralization, and protect consumers. Regardless of who wins the US election, government departments and agencies can take some simple steps (without the need for legislation) to help the US seize the Web3 opportunity. Here are the seven most important ones. Although this list is not exhaustive, it should help the US government and other stakeholders understand how to move in the right direction. 1. Relevant departments should incorporate promoting competition and innovation into their responsibilities. As Marc Andreessen and Ben Horowitz have stated, the key to US tech dominance has always been startups. They observed: "Startups are a group of brave, excluded, and unconventional people coming together, armed with dreams, ambitions, courage, and a special set of skills, to create new things for the world, build a product that can improve people's lives, and start a company that may continue to create more new things in the future." Edison, Jobs, and Musk are just a small representation among the leaders of US startups. The US's leading position in startups is largely due to our pioneering spirit, work ethic, rule of law, strong capital markets, educational system, and public sector investment in R&D, all of which foster competitive innovation. Although startups can redefine old industries and, in some cases, even create new ones, they face various potential disadvantages from the outset. Compared to large companies with substantial user bases and financial resources, startups often struggle to get off the ground. Some established companies may also have another advantage: the ability to have the government compete against startup rivals or to implement costly regulations, thereby creating "regulatory barriers to entry." If startups are the lifeblood of US innovation, then all agencies should incorporate promoting competition and innovation into their responsibilities, ensuring these goals become their top priority. 2. The SEC should engage in formal rule-making and provide clear guidance on the classification of digital asset transactions. Imagine how difficult it is for ordinary users when even the staff at the US Securities and Exchange Commission (SEC) struggle to define which crypto asset transactions fall under securities. Due to a lack of clarity, the US does not have a properly functioning digital asset market. To address this issue, the SEC should participate in rule-making and provide clear instructions to market participants on whether transactions involving specific digital assets involve the sale of securities; taking this action will have many implications. However, since 2019, the SEC has resisted calls to release guidance to the public and has opted for counterproductive regulation through enforcement, which could harm businesses, confuse investors, and disrupt everyday users. 3. Eliminate intermediary requirements; blockchain eliminates the need for third parties. A key innovation of blockchain is the ability to conduct transactions without third-party centralized intermediaries. However, the rules designed for traditional markets presuppose the existence of centralized intermediaries, such as brokers, clearinghouses, custodians, and market makers. When centralized entities participate in these functions, regulation is appropriate. But treating decentralized systems in the same way would hinder their ability to perform similar functions and isolate the benefits these systems offer. This amounts to a form of "technological discrimination." The removal of intermediary services can reduce risks (such as counterparty risk) and costs (such as transaction fees), while also increasing efficiency and fostering competition. If blockchain technology eliminates the need for intermediaries, regulators should remove intermediary requirements in relevant situations. Similarly, by updating existing rules, agencies can help blockchain fundamentally transform our financial system. If existing rules can adapt to transactions on the blockchain, then cross-border payments, digital securities and commodity trading settlements, and derivatives markets could all become more efficient. 4. Increase transparency in the agency decision-making process and strengthen communication with private sector stakeholders, civil society organizations, academia, and the public. Enhancing transparency in the agency decision-making process is crucial for developing sound crypto policies. It can build trust, ensure accountability, and allow public participation. Open dialogue with stakeholders will ultimately lead to more effective regulatory solutions: businesses and regulators working together to explore these solutions to ensure regulators fully understand the dynamic market structures as well as the goals, operations, and risks of businesses. When agencies publicly share how decisions are made, it can also prevent undue influence from special interests and help ensure fair policies. Importantly, agencies should encourage (or at least allow) companies to hold educational meetings with regulators without fear of retaliation from enforcement actions. This will help achieve what I call "regulation through dialogue" rather than regulation through enforcement. Transparency allows stakeholders (including innovators and the public) to provide feedback, promoting a more informed and inclusive approach to crypto regulation. 5. Allow White House staff and federal agency employees to adopt cryptocurrencies. A legal advisory notice released in 2022 by the US government ethics office prohibits "employees holding cryptocurrencies or stablecoins" from participating in the formulation of cryptocurrency-related policies and regulations that may affect the value of their assets. This notice applies to all White House staff and federal agency employees and states that the minimum threshold applicable to securities does not apply to cryptocurrencies. Maintaining ethical standards in terms of conflicts of interest is indeed important for establishing trust in government actions. However, preventing government employees responsible for making cryptocurrency rules from using cryptocurrencies is akin to forbidding transportation department officials from riding trains or planes. Government employees responsible for regulating cryptocurrencies should be allowed to use cryptocurrencies. 6. Provide specialized training for government employees. In addition to benefiting from interactions with cryptocurrencies, government employees will also...

#SEC