Lobbying for Change: The Blockchain Association’s Mission
The Blockchain Association, a prominent player in the U.S. crypto advocacy scene, is flexing its lobbying muscles as it seeks more favorable regulatory conditions for cryptocurrency. Kristin Smith, the executive director, has been busy meeting with top White House officials, including Treasury Secretary Janet Yellen and other key figures in the administration. The goal? To shift the narrative around crypto from a focus on illicit activity to recognizing its broader value.
Bridging the Communication Gap with Treasury
Smith has taken a proactive step in starting conversations with Yellen, who has been on the fence about the utility of cryptocurrency. Citing Yellen’s claims that the primary use of crypto is for illicit financing, Smith stated,
“Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises.”
It seems the crypto community is determined to show that these digital currencies can be used for so much more.
The Critique of Bitcoin: A Bumpy Relationship
Yellen hasn’t shied away from voicing her skepticism towards Bitcoin. Describing it as “an extremely inefficient way of conducting transactions,” she speculated that BTC isn’t widely used for transactions—a statement that has certainly raised some eyebrows in the crypto community. However, amidst the criticism, Yellen did express openness to centralized distributed ledger technology (DLT), suggesting that a digital dollar could revolutionize payment systems by being “faster, safe, and cheaper.”
Concern Over Regulations: The Crypto Community Speaks Out
In response to the evolving regulatory landscape, Adam Traidman, CEO of the crypto wallet company BRD, shared insights from the crypto sector’s perspective. He asserted,
“We’re not opposed to regulation and compliance, but we need time to spur innovation and grease the skids for adoption of crypto first.”
The emphasis here is on finding a balance between regulation and growth, especially when it comes to crypto-to-crypto transactions.
Navigating New Leadership and SEC Concerns
The crypto community’s concerns don’t stop with Yellen; there’s also unease surrounding Gary Gensler, Biden’s nominee for chairman of the Securities and Exchange Commission. Gensler’s past remarks labeling Ethereum’s early ICO as an unregistered securities offering have made some members of the crypto circle wary. In a recent Senate Banking Committee meeting, Gensler reinforced the SEC’s commitment to ensuring that crypto markets remain “free of fraud and manipulation.” He pointed a finger at off-shore exchanges, claiming they have been “rife with fraud.”
Who’s Who in the Blockchain Association?
The Blockchain Association isn’t just a lone player in this game; it boasts a roster of crypto giants from Circle to Kraken. Together, they are working tirelessly to change the regulatory landscape for the benefit of the entire industry. With their combined efforts, the crypto sector is hoping to demonstrate its innovative potential and secure a brighter future.
