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U.S. regulators have taken enforcement actions and reached major settlements with cryptocurrency companies such as Paxos, Kraken and Coinbase in the past few weeks. Individuals have also been fined for their role in crypto-related schemes.
However, Blockchain Association CEO Kristin Smith believes that despite these measures, it is Congress that needs to legislate and the process should be as transparent as possible. increase.
and interview With Bloomberg airing on Wednesday, Smith noted that enforcement action or guidance from the U.S. Securities and Exchange Commission (SEC) and other regulators has picked up pace recently.
Regulators have had to step in because legislators have been slow to enact adequate legislation, but Smith is critical of what she says in action and the ongoing settlement.behind closed doors“
Cryptos need proper regulation and the process of introducing them should be transparent, according to the Blockchain Association CEO.
“What we really need is a holistic view of the market as a whole, finding the right way to regulate it, regulating the different parties within the crypto ecosystem, and moving forward in an open process where everyone can participate. a more open process to
Smith said Congress has been slow to develop the necessary regulatory framework, and it is frustrating for crypto industry players as regulators intervene based on the same rules that apply to traditional assets. It states that it is designed to
Additionally, the people of Washington, including crypto-friendly legislators who were keen to push for proper regulation, remain a bit burned and betrayed by what happened with the collapsed crypto exchange FTX. has become
Still, she hopes that the House Financial Services Committee’s move to form a special Digital Assets Subcommittee will be a big step toward getting legislation into law. , you can’t expect everything to happen overnight.
According to her, the stablecoin market is likely to be the first area where regulation will be clarified in the United States, especially after the industry approaches bipartisan legislation in 2022.
“Work was done thereSmith explained, adding that Congress needs to come up with a regulatory framework tailored to cryptocurrencies because the risks associated with this sector are not the same as those associated with traditional financial services. This has to be a priority, she said.
As previously mentioned, US regulators have been overly aggressive, taking action against stablecoin issuers, staking service providers, and cryptocurrency custody firms.
