What should the crypto industry expect from regulators in 2022? Experts answer, Part 2

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

“2021 was the year Washington caught on to the digital asset industry. The year began with the hasty FinCEN & ldquo; Non-hosted wallets & rdquo; proposal, that the industry was able to voice its concerns and delays. At the same time, Sen. Cynthia Lummis, a digital pro-asset, joined the Senate.

As the Biden Administration caught up with digital assets, it seemed like all of Washington was studying the industry in some form. Then came the Infrastructure Bill, which contained a hasty provision defining a corridor for tax reporting purposes. This flawed language unleashed supporters of digital assets from every segment of American society and made it clear that lawmakers and regulators must act carefully and consider innovation a key pillar of their decisions.

The year ended on a very positive note with crypto CEOs hearing in early December in front of the House Financial Services Committee. Legislators were surprisingly warm to all participants and were genuinely interested in the benefits of innovation that can be harnessed on Web 3.0. The audience went a long way toward legitimizing cryptocurrencies in DC, similar to how bank CEOs appear before Congress annually.

Looking ahead to 2022, lawmakers are beginning to realize the long-term benefits this industry can bring to the United States, and this, combined with Biden’s administration in office for a year, now presents a real window for do something in a bipartisan way. to advance the industry and provide guardrails for market integrity and consumer protection. I hope that a responsible public policy framework is developed, from which the industry can prosper and the United States can benefit. & Rdquo;

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