US Congress Needs to Take Control Of Crypto Legislation

According to Kristin Smith, CEO of the Blockchain Association, a prominent US company, Kristin Smith is the CEO of the Blockchain Association. Crypto industry nonprofit, the United States Congress needs to take control of Crypto legislation and make it a more “open process” where the entire marketplace is Checked out “Comprehensively.” This Recommendation comes from Smith, who fills in as the leader of the Blockchain Association.

Smith said that the business of Cryptocurrencies need the U.S, lawmakers to lead Crypto legislation, despite the fact that this would make the process “very lengthy.” In the in the mean time, regulators will “Step in.”

Smith referenced that despite regulators “moving rapidly,” progress on legislation is happening “in secret,” suggesting that it is fundamental for more industry involvement in a “open process,” Which would involve Congress. He expressed this to propose that it is fundamental for more industry involvement in a “open process.”
Smith is of the assessment that “Extremely Particular facts and Conditions” are at the base of the problem with legislators taking the lead on legislation via Enforcement actions and Settlements.

She Stated that it is difficult for Congress to be in this situation because there are so many People in Washington, D.C, Who “were close” to the former FTX CEO Sam Bankman-Fried and FTX feel “copied” and “sold out” over the Collapse of the Cryptocurrency Exchange in November 2022.

Smith is hopeful that Stablecoin legislation will be implemented in the United States because Congress has been looking into it and the work has been finished. It was close to happening the year before, but not long before the disappointment of FTX.

She Proceeded to say that the perils Associated with cryptocurrencies are unmistakable from those associated with Conventional financial services, and that thus, regulators need to spend additional time looking at market regulation and “designer to those risks.”

Smith Suggested that Stablecoin and “Market Side” Regulation should be a higher need than focusing on legislating Crypto-related Criminal activity, saying that public ledgers make it “Substantially more straightforward” than what we find in the traditional financial system. This idea originated from Smith’s assertion that Stablecoins and “Market side” Regulation were a higher Priority than focusing on legislating Crypto-Related criminal activity.

This comes after Jake Chervinsky, the Blockchain Association’s chief policy officer, took to Twitter on February 15 to state that they are “limited by political reality” by the number of enforcement actions taken by the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Chervinsky also stated that “not one or the other” has the Authority to “comprehensively regulate crypto,” according to Chervinsky. Cette announcement came after Chervinsky expressed these words.