Blockchain Association CEO called for a collaborative and “open process” for crypto regulations.
The United States Congress needs to take control of crypto legislation to make it a more “open process” where the entire marketplace is looked over “comprehensively,” suggests the chief of the prominent U.S. crypto industry body., Blockchain Association CEO Kristin Smith said the industry needs U.S. lawmakers to lead crypto legislation despite it making the process “very slow” and regulators “stepping in” in the interim.
Smith noted that despite regulators “moving very quickly,” progress on legislation is happening “behind closed doors,” suggesting it's vital for more industry involvement in an “open process” which would be seen in Congress. Smith believes the issue with regulators leading legislation with enforcement actions and settlements is related to “very specific facts and circumstances.”
She explained it’s a difficult position for Congress at the moment, as 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 Nov. 2022.will soon happen in the U.S., saying Congress has been looking at it “since 2019” and the “work has been done.” She said it “came close” to happening last year prior to the collapse of FTX.
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