We need the crypto space to become a general-purpose computer, not a casino.

Written by: Scott Duke Kominers, a16z

Translated by: AididiaoJP, Foresight News

As the U.S. government begins to recognize blockchain technology, the question now becomes how to better utilize it. Some may wish to push for unregulated laissez-faire, but that would be a mistake. History and economic theory suggest that prosperous markets require clear and consistent rules, and the crypto space is no exception.

In some ways, resistance to centralized authority is an inherent characteristic of the crypto space. The anonymous creator of Bitcoin, Satoshi Nakamoto, designed this protocol to bypass financial intermediaries, envisioning a currency that is not controlled by governments or institutions. Many early adopters shared a spirit of radical individualism reminiscent of the freewheeling "cyber computer clubs," the open-source software movement, and early cryptography advocates.

However, the potential of the crypto space can only be realized when it is widely accepted and integrated into mainstream business. For entrepreneurs and consumers to embrace the crypto space, they must have confidence in clear rules that prevent fraud and ensure fair access. Without this confidence, people will hesitate to enter the market, let alone use crypto technology for everyday transactions.

Contrary to some opinions, a "free market" is not unregulated laissez-faire; it is a structured system in which individuals can engage in voluntary exchanges and reasonably expect fairness and security. Without basic protections, markets will collapse. Without safeguards, uncertainty will drive away a large number of investors and legitimate businesses, leaving only speculation and bad actors.

We need the crypto space to become a general-purpose computer, not a casino.

What kind of rules does the crypto space need?

From Smith to Hayek, Friedman, De Soto, and other economists, it has long been recognized that the government plays a crucial role in establishing market institutions that enable markets to thrive.

Smith believed that property rights allow individuals to "secure the fruits of their labor," and the government's role is to provide "tolerable judicial management" to safeguard these rights. For Hayek, the government's role is to maintain the rule of law while avoiding capriciousness. Friedman acknowledged that the government's role includes enforcing contracts and protecting citizens from crimes against themselves or their property. De Soto pointed out that a lack of clear rules and property rights leads to "capital freeze."

The new chairman of the U.S. Securities and Exchange Commission, Paul Atkins, echoed these views in a recent speech, stating, "Regulators should provide a minimum effective range of regulation to protect investors while allowing entrepreneurs and businesses to thrive."

The rules governing the crypto space, like those governing all markets, should aim to achieve four key objectives:

First, predictability and stability. A functioning market requires clear, enforceable rules. Entrepreneurs need to know how their businesses will be regulated. Investors need to be assured that rules will not change arbitrarily. Consumers need to believe that their transactions are secure.

Second, protection of property rights. Secure ownership is the foundation of any market. The crypto space excels in encoding ownership through blockchain technology, but the legal framework must strengthen and complement these protections.

Third, transparency and clarity of information. Efficient markets rely on reliable information. Buyers need to understand what they are purchasing, whether it be digital assets, decentralized financial products, or NFTs. Regulations should promote disclosure, helping consumers and investors make informed decisions while preventing fraudulent schemes.

Finally, fair competition. Rules should prevent monopolistic behavior, market manipulation, and fraud. Without oversight and tailored safeguards, markets can become playgrounds for bad actors who exploit information asymmetries, deceive investors, or artificially inflate asset prices. Any regulatory framework must be consistent with existing rules to avoid inadvertently creating new loopholes for established protections.

These four characteristics are essential for market functionality: stability and predictability facilitate transactions; while clear property rights are a necessary condition for those transactions to occur. Transparency and open competition help ensure that the transactions people choose to engage in drive the market toward more productive and socially valuable outcomes.

The Path Forward

The crypto space is not an industry with a well-established regulatory framework, but it is finally on that path. Crypto startups have been operating in a murky and often hostile regulatory environment for years. Thus, while blockchain technology provides strong internal protections for property rights, the surrounding regulatory environment has not supported a healthy market.

For example, the U.S. Securities and Exchange Commission (SEC) has only recently pursued crypto companies for alleged violations without first establishing clear legal standards. Entrepreneurs have been left to guess which rules apply, only to face lawsuits afterward. This has created uncertainty, stifling innovation while allowing bad actors to operate in the resulting gray areas.

Moreover, many crypto regulations have been designed for the traditional financial system, viewing blockchain-based assets merely as new forms of traditional securities or commodities. But the crypto space is not just finance: it is also a network infrastructure platform. Effective regulation must recognize these two dimensions, ensuring that financial oversight does not stifle technological development.

The crypto space has the potential to fundamentally change the organizational logic of everything from personal identity verification to event management and global payments. But realizing this potential requires legal and regulatory safeguards, such as a token classification law to provide legal definitions for digital goods; standards for assessing decentralization and disintermediation; consumer protection; tax guidelines; and a framework that allows legitimate blockchain-based businesses to operate without fear of arbitrary lawsuits.

None of these are radical or unprecedented. The principles that make markets work, such as stability, property rights, transparency, and fair competition, have long been understood. But they have not been consistently applied to the crypto space. This must change, and the industry must welcome it.

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