1/ There continues to be quite a lot of discussion of the role of law and lawyers and blockchain and crypto. A few Labor Day thoughts on this are below. @r_ross_campbell @awrigh01 https://twitter.com/r_ross_campbell/status/1302790004838748162

2/ First off, let’s recall that lawyers do not make either law or regulations (unless they are legislators or regulators). In that way, I think it is not really fair to conclude that it is the lawyers who stifle innovation.

3/ People are always free to take action without consulting lawyers. In the crypto community, this of course happens quite a lot. I have no idea, but I’m going to guess that @chefnomi did not consult any lawyers about $sushi.

4/ Those interested in complying with the law, either out of self interest, or because they think it is the “right“ thing to do consult lawyers.

5/ Knowledgeable private practice lawyers in the space like @lex_node @collins_belton @evanmthomas @AndoniOlta @propelforward @prestonjbyrne @palley do their best to give their clients advice as to the risks they undertake with any particular action.

6/ Some may not like what they hear, but that doesn’t mean they are being “stifled“ by their lawyers. Creative lawyers seek to help their clients achieve as much of their goals as possible, while balancing attendant risks.

7/ However, laws and regulations can and do regularly “stifle“ innovation. Some of this is intentional (and even worthy). Laws and regulations are designed to protect the status quo and to allow market participants efficiently to predict future outcomes.

8/ In their rush to innovate, hasty entrepreneurs can make poor decisions with significantly bad consequences for those unable to fully understand the risks they are bearing.

9/ Regulation is a balancing act. It is fine to criticize current regulations , but even better to propose alternatives that would do a better job of balancing competing policy goals.

10/ I would love to hear from those critical of current regulations how they would propose to do things differently, while still balancing the policy concerns that give rise to regulations in the first place. [end]