Following the failure of FTX, it's understandable that lawmakers want to do something, but they should be wary of passing legislation in haste that would do more harm than good.
Congress should take its time to investigate the issues we've seen and work closely with the crypto industry to find solutions that benefit everyone. But it's not just lawmakers who need to do their due diligence. The crypto industry has a significant role to play in alleviating concerns and rebuilding trust. So how do we do that?
First, we must continue investing in our Washington presence. We have a strong advocacy apparatus in place, but we're still far behind our competitors in traditional finance. With greater investment in teams of advocates, both internally among individual companies and in advocacy associations, we will have greater success at getting in front of lawmakers and promoting smart policy solutions.
Second, we need to double down on education and show the societal benefits that crypto networks provide. Decentralized finance, or DeFi, has the power to expand financial access to underserved communities, streamline business functions and democratize the digital ecosystem. By sharing that story through briefings and meetings with key policy stakeholders, we can show that crypto is truly here for good and promote a positive regulatory environment.
Finally, we need to continue building relationships with lawmakers. This is done by meeting lawmakers where they are, answering tough questions and being transparent about our operations and values. Additionally, we need to come to the table with good policy ideas to prove our commitment to a mutually beneficial policy framework.
The collective voice of crypto – a voice that has been here for years and will remain for years to come – represents something far greater than one man or one company. We represent the innovators, the builders, and the investors in our future working to build a better internet for all.
While our reputation has taken a few body blows, we have to double down on rekindling relationships and restoring trust to ensure we advance policies that will set us up for future success.
– Kristin Smith, executive director of the Blockchain Association
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