Blockchain Association crafts ‘consensus position’ on market structure policy

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Blockchain Association published its “consensus position” on digital market structure policies amid optimism of legislative/regulatory progress from a pro-crypto Congress and revamped SEC. 

The advocacy group crafted these with help from its 100-plus member companies.

The 12 points are not exactly groundbreaking; we’ve heard most or all of them before. But I could see it being helpful to lawmakers and regulators needing a refresher on priorities. 

One bullet calls for a regulatory framework that positions the US as the “preferred hub” for investment and technological advancement. Another seeks to safeguard the right to self-custody digital assets using non-custodial wallets.

Further down: “Policies should be carefully designed to avoid favoring specific solutions and focus on regulating specific activities rather than foundational infrastructure.”

Then there’s one stressing that developers of open-source software should be protected from liability when the software’s used by separate, bad actors. Does that remind anyone else of the Tornado Cash saga?

Another point with a clear link to the past is making sure there’re clear classifications for tokens — “delineating securities, commodities, and other asset types with precision.”

You might remember Gary Gensler not giving a straight answer to whether ETH is a commodity or a security. Or the SEC lawsuits against Coinbase and Binance for alleged securities violations. The agency earlier this month moved ahead with an appeal in its case against Ripple … and the list goes on.

The new SEC crypto task force appears to be a step toward change, but what Congress-crafted crypto legislation ends up looking like will be key. The bottom line: lawmakers might want to give these principles a read.