The Need for a Fresh Approach in Crypto Lobbying
After spending five years in Washington D.C., it’s time for crypto’s lobbyists to reflect on their “wins” and learn from their losses. While it’s true that unexpected events like the legal troubles of Sam Bankman-Fried are beyond their control, the failure to bring about meaningful change in D.C. calls for a fresh approach.
Blockchain Association CEO, Kristin Smith, remains optimistic that the SEC will lose its legal arguments against digital assets, excluding Bitcoin, being classified as securities. However, she acknowledges that this will be a long and challenging process. The recent anger surrounding the collapse of FTX and other prominent crypto companies will also take time to subside.
Smith emphasizes that the legislative process is slow and can take a decade or more to make significant progress. Therefore, it may be wise for crypto lobbyists to be humble about their achievements while hoping for a different regulatory landscape in the future.
Hot Take: Reflecting on the Challenges Ahead
Crypto lobbyists need to reassess their strategies and approach in Washington D.C. Despite their efforts, meaningful change has been slow to materialize. The unexpected legal issues faced by individuals like Sam Bankman-Fried highlight the need for adaptability and resilience in navigating the complex regulatory environment.
While optimism remains regarding the SEC’s stance on digital assets, it is essential to acknowledge that progress will require perseverance over an extended period. The recent controversies surrounding high-profile crypto companies serve as a reminder that public sentiment can impact regulatory outcomes.
In conclusion, crypto lobbyists must remain humble and continue pushing for change while understanding that success may take time. By learning from past experiences and adopting a fresh approach, they can better advocate for favorable regulations in the future.
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