Making the US and Florida the Global Leader In Blockchain and Crypto – A Roadmap

Research

Making the United States and the State of Florida the global leader in Blockchain and Crypto is a worthy goal but one that will need a bit of work. Our research team sat down to think about exactly how it could be done. Here, we present a roadmap outline for the kinds of things that governments can do at the State and Federal level to make that a reality.

GOAL

We want the United States, and Florida in particular, to be the international leader in blockchain and crypto. 

WHY

Security, resilience to attack and infiltration, counter-quantum, counter-AI fakes, government transparency, lower business costs, more efficient government processes, reduced opportunity for corruption, higher business profit margins, new job creation, and more.

METRICS

Definitions and metrics are the first step in encouraging development and investment.

  • Definitions: US blockchain, US crypto and US crypto app
    • A crypto app is a US app if (1) its founders live in the US, (2) all associated for-profit and nonprofit entities are incorporated in the US, and (3) it is deployed exclusively on US blockchains. 
    • A blockchain is a US blockchain if (1) its founders live in the US, (2) all of its associated for profit and nonprofit entities are incorporated in the US, (3) it is publicly available, not private or POA (Proof of Authority) and (4) it has a minimum of 21 validator nodes running at all times. Layer 2 and Layer 3 chains must additionally roll up to a US Layer one chain, not to a foreign or partially foreign chain. 
    • A cryptocurrency is a US crypto if it is the native coin of a US blockchain. 
  • Success metrics:
    • Number of US blockchains and US crypto apps – More layer one blockchains and high quality crypto app projects based in the US than anywhere else.
    • Total International and National Investment – More investment flowing from all countries to US blockchains and high quality US crypto app projects.
    • Total US Adoption – more businesses, individuals and government entities using US crypto apps and US blockchains (public and private) than anywhere else in the world.

HOW WE CAN GET THERE

  • Attract Founders
  • Incentivize domestic incorporation 
  • Incentivize high quality projects while discouraging scams and low quality projects
  • Incentivize investment 
  • Incentivize adoption

ROADMAP

  • Attract Founders
    • Living here has to increase the probability of getting investors for your project
      • Grants program for US and Florida chains and high quality crypto apps
      • VCs willing to lead rounds 
      • Free due diligence and vetting 
      • Events with networking opportunities
    • Make it easy for businesses and individuals to build private and public chains and dApps
      • University outreach – courses, incubators, co-op programs
      • Advice and education on
        • Fundraising
        • Securities laws and registration
        • Technical best practices
    • No property tax on homestead exempt properties (make it cheaper to live in Florida)
  • Incentivize domestic incorporation 
    • Legal Protections and Guidance (like Caymans and Switzerland), not prosecution
    • Easy and cheap to incorporate 
    • Low cost and low effort state and national reporting
    • Lead the way on clarification on defining US cryptos as commodities, not securities under specific conditions
    • Lead the way on creating advantages for US and Florida based chains and high quality crypto apps
  • Incentivize high quality projects while discouraging scams and low quality projects
    • We do NOT want to be the leader in meme coins or scam projects
    • Offer due diligence and certification of high quality chains and apps
  • Incentivize investment 
    • Investing here needs to increase the probability of a 10x return – that means there needs to be a high concentration of quality chain and app projects to choose from. 
    • Investor friendly corporate law (like Delaware)
    • PR needed to update our image
    • Make it easy for investors
      • Tax Incentives for investing in US chains and high quality apps
      • Offer deal flow of high quality, vetted projects
      • Offer due diligence on projects
      • Lead investment rounds
      • Connect projects and investors at events
      • But don’t make it obviously a government thing. It needs to feel corporate. 
    • Incentivize investors to hold longer
      • No long term capital gains on US cryptos
  • Incentivize adoption
    • Incentivize centralized exchanges to list US blockchain native coins
      • Tax incentives for US centralized exchanges that list US cryptos
      • Grants for US centralized exchanges to list US cryptos
    • Make it easy for businesses and individuals to use and accept cryptocurrency from domestic and local projects
      • Education and awareness initiatives
      • No sales tax on purchases made with US crypto
    • Lead the way in adoption of blockchain and crypto
      • Put government record keeping on chain where appropriate and advantageous
      • Take crypto payments at the local, state and federal level

This is just a start! We will keep updating this list as our ideas expand.