According to Kristin Smith, CEO of the Blockchain Association, a leading US crypto industry nonprofit, the US Congress needs to take control of crypto legislation and make it a “more open process” in the that the entire market be analyzed “in a holistic manner”. This recommendation comes from Smith, who serves as the president of the Blockchain Association.

During an interview with Bloomberg on February 22, 2019, Smith said that the cryptocurrency business needs US politicians to lead on cryptocurrency legislation, even though this would make the process “extremely long.” In the meantime, regulators will “step in.”

Smith mentioned that despite regulators “moving very quickly”, progress on the legislation is happening “behind closed doors”, implying that it is essential for more industry participation in an “open process”, that would involve Congress. He said this to suggest that it is vital for more industry participation in an “open process.”

Smith is of the opinion that “very particular facts and circumstances” are the root of the problem with lawmakers taking the lead in legislation through enforcement actions and settlements.

He said it’s a difficult situation for Congress right now due to the fact that many people in Washington, DC who “were close” to former FTX CEO Sam Bankman-Fried and FTX feel “burnt out” and “betrayed “. “on the collapse of the cryptocurrency exchange in November 2022.

Smith is optimistic that stablecoin legislation will be implemented in the United States soon because, according to Smith, Congress has been investigating it “since 2019” and “the job is already done.” She said that she “came close” to happening the year before, just before the FTX failure.

He went on to say that the dangers associated with cryptocurrencies are distinct from those associated with conventional financial services and that, as a result, regulators need to spend more time analyzing market regulation and “adapting for those risks.”

Smith suggested that “market-side” and stablecoin regulation should be a higher priority than focusing on legislating cryptocurrency-related criminal activity, saying public ledgers make it “much more transparent” than what we see in the traditional financial system. This idea stemmed from Smith’s assertion that stablecoins and “market side” regulation were more important than focusing on legislating criminal activity related to cryptocurrencies.

This comes after Blockchain Association policy director Jake Chervinsky took to Twitter on Feb. 15 to state that regardless of how many enforcement actions are filed by the Securities and Exchange Commission and the United States Futures Trading Commission Basic Products, are “forced by legal reality”. .” Chervinsky also stated that “none” has the authority to “comprehensively regulate cryptocurrencies.” This news comes after Chervinsky made these remarks.