Battle Lines Being Drawn: The Crypto Industry Goes to War Against Policy Makers and the SEC
The hopes of digital currency supporters for supportive legislation are running up against political will from supposed allies in Washington D.C. Blockchain Association CEO Kristin Smith said during a panel on Friday at Consensus 2023 that the crypto industry is “absolutely at war” against policy makers, including Gary Gensler, chairman of the Securities and Exchange Commission, and Senator Elizabeth Warren.
“Elizabeth Warren has an anti-crypto army,” Smith said. “She is advertising on Twitter for her campaign that she has an anti-crypto army.”
Controversial Digital Asset Anti-Money Laundering Act (DAAMLA), which was originally introduced in December by Warren, has come under scrutiny from known crypto advocates. The Blockchain Association and other pro-digital currency groups have been lobbying co-sponsors, and have postponed any voting. Smith cited these delays as signs the crypto industry’s war might prove victorious, stating that, yes they are fighting a battle, but it won’t last forever, and they won’t rest until lawmakers listen to industry opinions.
The consistent promises coming from Beltway insiders to champion crypto future fall short in today’s reality, further complicated by industries loud opposition through lobbying practices. The increased opacity surrounding many digital currencies and the rise of ransomware that blockchain can extenuate, has caused an exasperation from legislators who now have a lens for addressing potential problems.
Despite calls from the sector for openness, the decision for continuing dialogue concerning the place of digital currencies in the US economic future will ultimately come down to political motivations. CoinDesk continues to report on every move that is made in this developing issue surrounding digital currencies.
—
Battle Lines Being Drawn: The Crypto Industry Goes to War Against Policy Makers and the SEC
The hopes of digital currency supporters for supportive legislation are running up against political will from supposed allies in Washington D.C. Blockchain Association CEO Kristin Smith said during a panel on Friday at Consensus 2023 that the crypto industry is "absolutely at war" against policy makers, including Gary Gensler, chairman of the Securities and Exchange Commission, and Senator Elizabeth Warren.
"Elizabeth Warren has an anti-crypto army," Smith said. "She is advertising on Twitter for her campaign that she has an anti-crypto army."
Controversial Digital Asset Anti-Money Laundering Act (DAAMLA), which was originally introduced in December by Warren, has come under scrutiny from known crypto advocates. The Blockchain Association and other pro-digital currency groups have been lobbying co-sponsors, and have postponed any voting. Smith cited these delays as signs the crypto industry’s war might prove victorious, stating that, yes they are fighting a battle, but it won’t last forever, and they won’t rest until lawmakers listen to industry opinions.
Reality Check
The consistent promises coming from Beltway insiders to champion crypto future fall short in today’s reality, further complicated by industries loud opposition through lobbying practices. The increased opacity surrounding many digital currencies, and the rise of ransomware that blockchain can extenuate, has caused an exasperation from legislators, who now have a lens for addressing potential problems.
A Long-Distance Call
Despite calls from the sector for openness, the decision for continuing dialogue concerning the place of digital currencies in the US economic future will ultimately come down to political motivations. CoinDesk continues to report on every move that is made in this developing issue surrounding digital currencies.
Source: Coindesk
[h/t Aoyon Ashraf]