Bitcoin Association Moves from New York to Washington DC: Was It Restrictive State Regulation or a Change in Direction?

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May 3, 2023 5:16 p.m. | 1 minute read

Well-known cryptocurrency advocacy group Blockchain Association has made the decision to relocate to Washington, DC, and focus on federal policy as regulatory pressure on the digital asset industry increases.

What happened: The organization is moving resources out of New York state and increasing its full-time staff in Washington, according to CEO Kristin Smith in a statement to Coindesk.

Advancing the development of cryptocurrency in the United States still remains his goal.

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The move comes just after New York Governor Kathy Hochul approved legislation making the state the first in the nation to ban certain types of cryptocurrency mining.

Additionally, the action came in the wake of the broader federal regulators crackdown on the digital asset sector following the failure of centralized cryptocurrency exchange FTX.

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The Securities and Exchange Commission (SEC) recently took action against prominent market participants, including Tron (CRYPTO:TRON) founder Justin Sun and centralized cryptocurrency exchanges Bittrex, Kraken, and Gemini.

This has further intensified the current downturn in the digital asset market.

Cryptocurrency supporters are outraged by the government onslaught and are calling for clarification of current regulatory standards.

This would allow cryptocurrency businesses to register with the federal organization and help lessen the impact of recent significant enforcement actions.

Next read: Survivor Wallet: The Game-Changing Blockchain Solution for Instant Disaster Relief

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