US Congress needs to take control of crypto legislation

Kristin Smith (CEO of the Blockchain Association), a prominent U.S. nonprofit in the crypto industry, believes that the United States Congress should take control of crypto legislation. This will allow for a more open process where all aspects of the market are considered “comprehensively.” Smith, the president and CEO of the Blockchain Association, makes this recommendation.

Smith spoke out in a Bloomberg interview on February 22nd 2019, stating that the cryptocurrency industry needs U.S. politicians to oversee crypto legislation. Despite the fact that it would be “extremely slow.” Regulators will “step in” while the process is ongoing.

Smith stated that even though regulators are “moving very fast,” progress on legislation is occurring “behind closed door.” This implies that more industry participation in an “open process” would be essential, which would include Congress. Smith stated this to suggest the importance of more industry participation in an open process.

Smith believes that legislators are the real problem when they take the lead in drafting legislation through enforcement actions or settlements.

She said it was a difficult time for Congress at the moment due to the fact many Washington, D.C. residents who “were near” the former FTX CEO Sam BankmanFried and FTX feeling “burned” by the collapse of the financial system. Exchange of cryptocurrency In November 2022.

Smith believes that stablecoin legislation in the United States will soon be implemented. According to Smith, Congress has been studying it “since 2019” as well as “the work has been completed.” She indicated that it was close to being implemented in the previous year, shortly before the collapse and bankruptcy of FTX.

She continued by stating that the risks associated with cryptocurrency are different from those associated conventionally with financial services. Therefore, regulators must spend more time looking at market regulation in order to “tailor to these risks.”

Smith suggested that stablecoin regulation and market side regulation should be given more priority than legislating crypto-related criminal activities. He said that public ledgers make the system “much transparent” than what is seen in the traditional financial sector. Smith believed stablecoins were more important than legislating crypto-related criminal activities. This is how this idea was born.

This is after Jake Chervinsky, chief policy officer of Blockchain Association, stated on Twitter, February 15, that regardless of how many enforcement action the Securities and Exchange Commission and Commodity Futures Trading Commission bring forth, they are bound by legal reality. Chervinsky also said that neither has the authority “to comprehensively regulate crypto.” Chervinsky has made these statements.

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