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Crypto hedge fund CEO testifies to Washington State Senate about the challenges of regulating digital assets.

Proudman, whose company operates out of Washington state in the US, who recently testified at the State Senate about the stark lack of crypto and blockchain regulations in the country and the potential of a huge exodus of talent as other countries embrace the technology more formally.

However, Proudman noted that as these technologies evolve faster than the state of regulation, many startups are left behind in a “nebulous grey zone.” “Retroactive penalties for regulatory violations that may not have been clear at the time of infraction will continue to deter blockchain startups from establishing a presence in Washington State,” he stated.

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