Let's be real. As a Gen Z’er, I’m tired of the next big thing that’s going to save the world. …speaking of revolutionary tech, I’m always watching that space! Crypto and blockchain? They're definitely up there. But as with most crazes, though the hype may be loud, a good measure of skepticism is sorely required. Alabama’s not the only southern state pushing crypto and blockchain bills, and to be candid, it’s about damn time. But the how is crucial. What we want from AI is responsible innovation, not a Wild West free-for-all.

Crypto's Promise Needs Real Safeguards

Blockchain, at its core, is exciting. Picture smart, transparent supply chains that ensure no human is exploited. Think digitized medical records available at the touch of a button, or e-voting as a reliable system that proves there’s no election fraud. Wade Preston of the Alabama Blockchain Alliance is correct, this tech really is a game changer. California digitizing car titles? That’s only half the story.

Here's the gut punch: that potential is overshadowed by very real risks. Bitcoin’s volatility poses the most significant risk for investors. Scams prey on vulnerable suckers and proof-of-work mining carries huge environmental impacts – it’s a real gauntlet. We've all seen the headlines: people losing their life savings on meme coins, rug pulls leaving communities devastated, and the sheer amount of energy wasted on validating transactions that could power small countries. This is not solely an economic argument, it's people’s lives and the future of our planet’s health.

And the opportunities for illegal conduct don’t even get me started. Criminals are always looking for new ways to launder money and avoid law enforcement. Cryptocurrency is the convenient tool of their schemes. We must act before these risks grow to an unmanageable level.

Tax Breaks, Sandboxes, and Social Justice?

So now Alabama’s SB282 and HB483, bills establishing a property tax exemption for crypto mining operations, are on pause. Okay, that's a start, sort of. Establishing firm guidelines is key. It’s a short-term solution at best if there’s a foundation with a large fissure below. We need more than just tax breaks.

Finally, there’s the idea of a regulatory sandbox. This idea by Wade Preston is a good one, and I too like the idea. Allow entrepreneurs to experiment and gather data on what works. Cede the Playground It’s similar to creation of an innovation sandbox — a safe space for innovators to create without fear of immediate regulatory onslaught.

Here's the unexpected connection: What about a social justice sandbox? What if instead, we focused blockchain on combating systemic inequalities. Now picture new blockchain-based platforms that connect marginalized communities to micro-loans. Imagine supply chain management systems that help consumers know whether their products have been ethically sourced, providing a living wage to workers in developing nations.

This isn't some utopian fantasy. Indeed, blockchain can be a powerful force for good, but only if we deliberately make it so. And we have to ensure that all of us share in the benefits that this technology can bring. It can’t just be a privilege for the rich and shameless. We need to ensure it doesn’t become just another tool to create an even greater divide between haves and have-nots.

Demand Responsible Crypto Policies Now!

This is where Gen Z comes in. After all, we’re the digital natives, the children who had the internet in our homes from a young age. We’re technologists, sure, but we’re ethicists with a commitment to impact.

This means:

  • Consumer Education: Arm people with the knowledge they need to make informed decisions about crypto investments.
  • AML Compliance: Implement robust anti-money laundering measures to prevent illicit activities.
  • Environmental Sustainability: Incentivize the use of energy-efficient consensus mechanisms.
  • Social Justice Initiatives: Explore using blockchain to create more equitable systems.

Led by Rep. Shaw who delayed the hearing of HB482 & HB484 in order to be prepared for these questions, Good. Ask the tough questions. Demand answers. Continue to not let them pass these funding bills while skipping over the most important issues.

This is not merely the end of discriminatory drainage policies in Alabama but importantly establishing a precedent for the nationwide fight against such policies. We cannot allow ourselves to be passive observers and allow crypto become just the latest development that scammers can use. We need to demand better. We need to demand responsible innovation. Our future depends on it.