There is something interesting happening in the US right now. While many countries are advancing with clear frameworks for blockchain, the American Congress is finally moving with bipartisan legislation that protects software developers from misinterpretation of anti-money laundering laws. It may seem small, but it’s quite significant.

The core point is simple: those willing to build in open source need legal security to innovate. And when you provide that, the willing naturally gravitate toward environments that are favorable. We are seeing this in practice with the Solana ecosystem, which led in new developers in 2024 with 84% growth. It’s no coincidence.

Think of the American historical pattern. Railroads, aviation, the internet – in all cases, innovation came first, regulation second. It wasn’t a bug, it was a feature. The US managed to establish global standards because it allowed builders to experiment. Today, infrastructure is being written in code, and developers are the architects of modern economic systems.

What’s changing now is that these builders are globally mobile. They choose where to work based on regulatory clarity, opportunity, and environment. If you offer that, the willing to innovate come here. If not, they go to Singapore, Dubai, or anywhere that welcomes technology.

Recently, I saw interesting signals coming from the SEC under Paul Atkins – a shift from enforcement-focused posture to one of engagement and constructive rulemaking. Developers don’t want a lack of regulation; they want rules that make sense with how the technology actually works.

What’s at stake is broader than blockchain. Blockchain-based systems enable faster settlement, greater participation, more resilient markets. Some call it the ‘internet capital markets.’ It’s not disruption for disruption’s sake; it’s modernization of the rails under existing institutions.

The question now is clear: will the US lead the development of this infrastructure or watch talent, standards, and capital consolidate elsewhere? Because those willing to build are looking where it’s welcoming to build. And the choice we make now determines where the next American century will be written.