Key Figures Speak on Crypto Regulation

In a recent interview, the CEOs of the Blockchain Association and the Crypto Council for Innovation held a private event to share their views and insights on crypto regulation after the Trump vs. Biden election.

Kristen Smith, CEO of the Blockchain Association, and Sheila Warren, CEO of the Crypto Council for Innovation, attended a roundtable discussion led by Democratic Congressman Ro Khanna.

Several industry leaders and members of the Biden administration attended the meeting, which was held across the street from the White House in Washington, D.C. It aimed to bridge the gap between crypto advocates and federal regulators.

**Smith highlighted the productive nature of the meeting, acknowledging Congressman Khanna's efforts in organizing it. "It was a productive meeting," she said.

Smith added, "For a long time, the crypto industry has felt like the Biden Administration hasn't treated them fairly. This was an important step towards increasing the dialogue between the agencies and us. We're excited to be a part of the discussion."

Bipartisan Support Grows

Moreover, recent political developments indicate a growing bipartisan interest in crypto. The Republican Party's newly adopted policy platform explicitly supports crypto innovation. In addition, former President Donald Trump recently announced that he'll speak at Bitcoin 2024 Conference.

Smith noted that this stance is resonating with voters: "There was a poll from about two months ago that said one in five swing state voters considers cryptocurrency an important issue in the upcoming election. Of the Republican voters who were not planning to vote for Donald Trump, 33% are considering doing so because of his new pro-crypto stance."

In addition, she noted remarkable bipartisan support for the FIT21 Act and SAB 121 revocation bill. Smith believes the Trump vs. Biden election result will help the support garnered. She remarked, "We should have fairly strong bipartisan support in the House, the Senate, and the White House regardless of which party is in charge."

Industry Challenges and Future Prospects

Furthermore, Warren echoed Smith's sentiments on the increasing bipartisan support for crypto. Additionally, she emphasized the technology's global nature and the need for the U.S. to keep pace with other nations.

"This is a global technology. Other countries have not waited for the United States to act," she said. "It's about really architecting an internet for everybody."

Both CEOs stressed that the interest in cryptocurrency transcends party lines. "Crypto tech is nonpartisan," Smith asserted. "The issues and values of crypto align very well with those of the Democratic Party. It's a very democratizing technology."

Smith also pointed out that despite Senator Elizabeth Warren's and SEC Chair Gary Gensler's vocal anti-crypto stance, crypto has substantial support within the Democratic ranks.

Legislative Discussions and Regulatory Clarity

The roundtable discussion revealed vital areas where the industry seeks progress. The highlight points were market structure and stablecoin regulation. Moreover, Smith pointed out the promising legislative discussions around market structure.

The Blockchain Association head said, "The House's version of this market structure legislation, FIT 21, was passed with overwhelming bipartisan support earlier this spring. The ball is now in the Senate's court."

Smith also emphasized the importance of stablecoin regulation, noting the bipartisan interest in creating a regulatory framework for this sector.

The Crypto Council CEO highlighted the industry's challenges with regulatory clarity and the SEC's aggressive stance under Gary Gensler's leadership.

"It's not just the lack of regulatory clarity that the industry has been talking about for many years now, which hasn't been changed or fixed," she said.

Warren added, "It's what that lack of clarity and congressional action has led to - namely, regulation by enforcement by the SEC." Despite these challenges, both CEOs remain optimistic about the future of crypto regulation in the U.S.

Forward Progress and Optimism

The Crypto Council CEO noted the increasing interest from lawmakers outside the core committees of jurisdiction, which she views as forward progress. She stated, "We're seeing folks in other committees of jurisdiction expressing a lot of interest. I think that's forward progress and movement that we're happy to see."

Furthermore, the meeting also underscored the nonpartisan nature of the technology, with both sides expressing openness and eagerness to learn more. Warren was pleased with the tone of the discussion.

Warren said, "I was pleased tonally with how it went on both sides. I felt that it was a very productive and constructive conversation."