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Among a number of recommendations made in the letter, Bryan Bishop, who has been contributing to bitcoin’s core code since 2014, argues that the biggest change the SEC needs to implement is to partner directly with cryptocurrency engineers to develop a new kind of regulation.

“Bitcoin is fundamentally a technological system with many nooks and crannies,” Bishop told Forbes. “It's the concept that rules can be enforced using software, math and cryptography rather than policy.”

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