Feb 22, 2023
Congress Urged to Lead Crypto Legislation Process
The United States Congress needs to take control of crypto legislation and make it a more “open process” where the entire marketplace is looked at “comprehensively,” according to Kristin Smith, CEO of the Blockchain Association — a prominent U.S. crypto industry nonprofit.
Smith recently spoke to Bloomberg and said that the industry needs U.S. lawmakers to lead crypto legislation, despite the lengthy process. She noted that regulators are “moving very quickly” but progress on legislation is happening “behind closed doors” and it’s vital for more industry involvement in an “open process”, which would involve Congress.
Smith believes the issue with regulators leading legislation with enforcement actions and settlements relates to “very specific facts and circumstances.” She added that many in Washington D.C. who “were close” to former FTX CEO Sam Bankman-Fried and FTX feel “burned” and “betrayed” over the collapse of the cryptocurrency exchange in November 2022.
The CEO is hopeful that stablecoin regulation will soon happen in the U.S., noting that Congress has been looking at it “since 2019” and the “work has been done.” Smith said it “came close” to happening last year before the collapse of FTX.
She explained that crypto risks are different from traditional financial services, so regulators must spend more time looking at market regulation and “tailor to those risks.” Smith suggested that stablecoin and “market side” regulation should be a higher priority than focusing on legislating crypto-related criminal activity, saying that public ledgers make it “much more transparent” than we see in the traditional financial system.
The Blockchain Association’s chief policy officer, Jake Chervinsky, recently took to Twitter to comment on the matter. He said that no matter how many enforcement actions the Securities and Exchange Commission and Commodity Futures Trading Commission bring, they are “bound by legal reality,” adding that “neither” has the authority to “comprehensively regulate crypto.”
Crypto industry stakeholders need to be part of the conversation when it comes to crypto legislation in the U.S. and the need for Congress to take control of the process is becoming increasingly apparent. The industry is rapidly evolving and the need for regulation is becoming more urgent. The rise of NFTs and the popularity of NFT marketing is a testament to the growth of the crypto space.
NFTs have become a hot topic in the crypto world and the need for marketing and promotion of these digital assets has become a priority for many crypto projects. Twitter NFT marketing has become a popular way to promote NFTs, with many crypto projects turning to NFT marketing agencies to help them reach a wider audience.
The web3 space is an exciting and rapidly growing industry, and the need for regulation is becoming increasingly important. The U.S. Congress needs to take control of crypto legislation and make it a more “open process” where the entire marketplace is looked at “comprehensively” in order to ensure the industry continues to grow and flourish.
The need for regulation also extends to selling NFTs. The process of selling NFTs needs to be regulated in order to protect investors and ensure the industry remains a safe and secure place for people to buy and sell digital assets. Web3 agencies are popping up all over the world to help projects promote their projects and sell their NFTs, but the need for regulation is becoming more and more apparent.
The crypto industry is rapidly evolving and the need for regulation is becoming increasingly urgent. The United States Congress needs to take control of crypto legislation and make it a more “open process” where the entire marketplace is looked at “comprehensively” to ensure the industry continues to grow and flourish.
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