What should the crypto industry expect from regulators in 2022? Experts’ response, part 2

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Michelle is the CEO of the Association for Digital Asset Markets, which works in partnership with financial companies and regulatory experts to develop a code of conduct for digital asset markets.

“2021 was the year Washington woke up to the digital asset industry. The year started with FinCEN’s rushed “Non-Hosted Wallets” proposal, which the industry was able to voice concerns and delay. At the same time, Senator Cynthia Lummis, pro-digital, joined the Senate.

As the Biden administration became more familiar with digital assets, it seemed like all of Washington was studying the industry in one form or another. Then came the Infrastructure Bill, which contained a rushed provision defining a broker for tax reporting purposes. This flawed language has freed supporters of digital assets from all segments of American society and made it clear that policymakers and regulators must act with caution and view innovation as a key pillar of their decisions.

The year culminated on a very positive note with the hearing of crypto CEOs in early December before the House Financial Services Committee. The lawmakers were surprisingly warm to all involved and were genuinely interested in the benefits of innovation that can be harnessed in Web 3.0. The audience has gone a long way in legitimizing crypto in Washington, much as bank CEOs come to Congress every year.

By 2022, lawmakers are starting to realize the long-term benefits this industry can bring to the United States, and that, combined with the fact that the Biden administration has been in office for a year, now presents a real window for do something on a bipartite basis. advance the industry and provide safeguards for market integrity and consumer protection. I expect to see a responsible public policy framework developed, from which the industry can thrive and the United States can benefit. “

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