Just half a decade has seen the evolution of the digital assets industry, from being questioned about the longevity of crypto to having complex dialogues around its tax structure and constitutional protection. Such change has been facilitated partially by entities like the Blockchain Association, who tirelessly advocate for the industry, leaving an indelible footprint on the platforms it touches, including Congress and many federal regulatory agencies. Throughout this period, we’ve seen seismic events like anti-Bitcoin tweets from the likes of Donald Trump, to the collapse of giants like the Terra blockchain and FTX, overseen by a seemingly crypto-averse Securities and Exchange Commission, nonetheless, the crypto adoption trend continues to rise unabated.
Although the media and the Biden administration have not always been kind to crypto, it’s refreshing to see the President issue an executive order to assemble a closer study of the technology and recommend responsible regulatory measures. This indicates a level of importance and thus, good news for crypto enthusiasts.
However, the future won’t be a swelling crescendo of triumphs for crypto, as its journey through the labyrinth of US law and federal scrutiny is far from finished. Two significant headwinds are forecasted for the coming years.
The first hurdle prominently stands in the anti-money-laundering (AML) arena. Despite law enforcement’s proficiency in tracking sketchy blockchain transactions, high-profile cases like Tornado Cash underline the severity of AML-related issues. Several tech-backed resolutions have been proposed to address the privacy and security concerns revolving around such services. However, the issue remains a persistent obstacle towards the federal government’s overall acceptance of extensive crypto utilization.
Further, crypto advocates’ victory lap from this summer, due to multiple crypto-targeted bills sailing through House committees, must confront the pending question of whether these bills can navigate the tumultuous waters of the House and Senate. The tickets to enormous legislative breakthroughs are pro-crypto representatives, making the upcoming elections a pivotal focus for the industry.
Indeed, the next few years could herald a profound shift in the landscape of federal regulatory personnel, potentially inviting fresh perspectives on digital assets development, use, and proliferation, especially in light of the upcoming 2024 elections. Furthermore, recent legal losses faced by crypto antagonist organizations – particularly the SEC – may galvanize them to adapt to alternative strategies, proposing fresh hope for the crypto industry.
Overall, the digital assets ecosystem has weathered grand storms over the past five years – a testament to the industry’s strong voice in Washington D.C. The Blockchain Association, persistently championing the crypto cause, pledges continued advocacy for the foreseeable future – from legislature, to public opinion, to the very structure of the markets themselves.
Source: Coindesk
