US Crypto Industry Group Urges Congress to Lead Legislation

1. CEO of Blockchain Association calls on US Congress to lead crypto legislation.
2. Regulators move quickly, but legislation progress happens behind closed doors.
3. Congress is in a tough spot due to the FTX collapse, but stablecoin regulation is optimistic.

The head of a major U.S. crypto industry group says that the U.S. Congress needs to take control of crypto legislation to make it a more open process where the whole market is looked at in detail.

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In an interview with Bloomberg, Kristin Smith, CEO of the Blockchain Association, said that the industry needs U.S. lawmakers to lead crypto legislation, even though the process is very slow and regulators are stepping in the meantime.

Smith said that even though regulators move quickly, progress on legislation happens behind closed doors. She said this shows how important it is for the industry to be involved in an open process that Congress can see.

Smith thinks the problem with regulators leading legislation with enforcement actions and settlements is related to specific facts and situations.

She said that Congress is in a tough spot right now because many people in Washington D.C. who knew former FTX CEO Sam Bankman-Fried and FTX and felt close to them felt frustrated and betrayed by the collapse of the cryptocurrency exchange in November 2022.

Smith is optimistic that stablecoins will soon be regulated in the United States. She says that Congress has been looking at the issue since 2019, and the work has already been done. She said it would almost happen last year before FTX went bankrupt.

In other news, Reddit co-founder talks about how, in the early days, he took a chance on cryptocurrencies. He says, in particular, that he bought a lot of Ether (ETH) before he could even imagine how high the price would go.

Alexis Ohanian, who helped start Reddit, says that he spent $15,000 to buy 50,000 ETH. He bought this in 2014 during the pre-sale of Ethereum, which meant that each coin only cost 30 cents.

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