Peter Herzog

While Presidential candidates tour the country, hoping to court the crypto community with federal <a href="https://www.foxbusiness.com/politics/gop-hopeful-vivek-ramaswamy-outlines-crypto-plan">policy frameworks</a> and <a href="https://www.forbes.com/sites/taxnotes/2023/08/30/tax-free-crypto-profits-robert-f-kennedy-jrs-unusual-plan/?sh=712a1d1c6572">tax proposals</a>, it’s governors and legislatures at the state level that are taking decisive action on meaningful digital asset regulations.&nbsp;



Blockchain enthusiasts focusing only on what’s happening around Washington are missing the forest for the trees. 2023 was a pivotal year for state digital asset policy, and 2024 promises even bigger implications for both businesses and consumers.&nbsp;



This year was dominated by California Governor Gavin Newsom’s signing of <a href="https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240AB39">Assembly Bill 39</a> into law. The bill, the Digital Financial Assets Law (DFAL), establishes comprehensive rules of the road for digital financial asset businesses operating in the state.&nbsp;



Starting in 2025, digital financial asset businesses in California will be subject to a licensing and supervisory regulatory regime, including capital and liquidity requirements, regular disclosures and stablecoin approval standards.&nbsp;



The state legislature modeled the law on New York’s Virtual Currency Business Activity regulations, better known as the “BitLicense” regulation and the limited purpose trust company provisions of New York banking law. However, they also adopted important provisions meant to improve on New York’s process, which has received considerable criticism from industry. These provisions include an expedited licensing pathway for businesses already subject to similar state licensing standards.&nbsp;



Despite these promising advancements, DFAL also has some <a href="https://media.cryptoforinnovation.org/2023/09/CCI-Comment-Letter_CA-AB-39_Governor-Newsom.pdf?_gl=1*1ubdv1m*_ga*OTYyMzYxMDguMTY3NTA4NjQ4OA..*_ga_F9NE23R22E*MTcwMjU5MjU0OS4xMzcuMS4xNzAyNTkyNTY4LjQxLjAuMA..">serious setbacks</a>. Overly broad and imprecise definitions could unintentionally pigeonhole a wide range of unrelated activity, technology and individuals into the bill’s purview, creating operational challenges for both licensees and regulators. Exemptions for smaller digital financial asset businesses, including early stage digital asset startups, are also insufficient to preserve the state’s competitive edge.



DFAL also stands to command significant attention in 2024, as the legislature is expected to take up legislation aimed at cleaning up unaddressed issues in the statute.&nbsp;



Another remaining issue from 2023 will also command the attention of state crypto policymakers in 2024: The New York Attorney General’s Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act. Attorney General Letitia James originally <a href="https://ag.ny.gov/press-release/2023/attorney-general-james-proposes-nation-leading-regulations-cryptocurrency">proposed</a> the legislation in May, with only a month left in New York’s legislative session. If passed, the bill would have had <a href="https://cryptoforinnovation.org/wp-content/uploads/2023/06/5.26.23-NY-Industry-Letter-of-Opposition-to-CRPTO-Act.pdf">devastating consequences</a> for the digital asset industry throughout the state.&nbsp;



Read more from our opinion section: <a href="https://blockworks.co/news/crypto-industry-better-positioned-washington">The crypto industry is better positioned than ever in Washington</a>



New York’s existing digital asset regulations and the industry’s current regulator, the Department of Financial Services, would have been subsumed by a new, largely duplicative regulatory regime with the Attorney General’s office at the helm. The bill’s requirement for licensees to be monoline would have been the most disruptive, leading almost every business currently licensed to conduct virtual currency business activity in New York to be out of compliance on day 1. The legislature ultimately declined to introduce the bill this session, but it will most certainly be a topic of discussion in 2024.&nbsp;



Another Attorney General who is hoping to extend their reach over digital assets is New Jersey AG Matt Platkin. The industry is currently holding its breath to see if the NJ State Legislature will pass legislation that would house crypto regulations under the AG’s Department of Law and Public Safety.&nbsp;



Louisiana will hopefully serve as an opportunity for the industry to make some progress next year. The state government is widely expected to take up legislation to modify its digital asset regulations, which were established in 2022.&nbsp;



Certain provisions of its rules governing “virtual currency business activity” are set to expire in 2025, requiring some action from the legislature. The state’s Governor-elect, Jeff Landry, could also introduce some interesting dynamics. He oversaw several cases related to the digital asset industry when he served as the state attorney general. Landry will have the final say over anything the legislature might pass through his authority to veto or sign legislation into law.&nbsp;



A lot remains uncertain for the prospects of digital asset regulation in 2024. However, if trends from 2023 continue, there’s no doubt that states will continue to lead in this space.&nbsp;



<hr class="wp-block-separator has-alpha-channel-opacity"/>


<div class="wp-block-post-author-biography">Peter is currently working to advance responsible rules of the road for the digital asset &amp; web3 industries as Associate Director for State &amp; Local Government Affairs at the Crypto Council for Innovation.
</div>


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States, not Washington, will lead crypto regulation in 2024

Sebastian Sinclair

The World Economic Forum (WEF) has taken a stab at presenting solutions to global crypto policy, which it warns is too patchwork to properly protect markets and investors.



In a fresh white paper, &#8220;Pathways to the Regulation of Crypto-Assets,&#8221; the global body reasoned that protections baked into traditional finance might not fully extend to crypto due to its decentralization. Addressing its “borderless nature” would help bridge the gap.



“At their current level, crypto assets represent a small portion of the overall global financial system,” WEF <a href="https://www3.weforum.org/docs/WEF_Pathways_to_the_Regulation_of_Crypto_Assets_2023.pdf" target="_blank" rel="noreferrer noopener">said</a>, echoing sentiment from <a href="https://blockworks.co/news/europe-raises-alarm-over-crypto" target="_blank" rel="noreferrer noopener">Europe’s systemic risk board</a>.



“Even so, the lack of regulation in some jurisdictions and the absence of a harmonized regulatory framework is raising concerns as to whether this market could pose a threat to global financial stability.”



WEF targeted its recommendations at three major stakeholders categories: international organizations, regional or national regulators and the industry as a whole.



<ol>
<li>Establish best practices for crypto (internationals organizations)</li>



<li>Harmonize terminology and definitions (internationals organizations)</li>



<li>Foster cross sector coordination among regulators (regulators)</li>



<li>Coordinate efforts to establish interoperable technical standards (regulators)</li>



<li>Share best practices for addressing operational and cybersecurity risks (industry)</li>



<li>Innovate &#8220;responsibly&#8221; and engage with policymakers and regulators (industry)</li>
</ol>



Lax standardization of crypto regulations, policies and definitions are holding back progress for sufficient oversight, WEF said. 



A light touch approach in some jurisdictions, including those considered crypto hubs like Singapore or Hong Kong, are “leading to problems of regulatory arbitrage.”



WEF is an international non-governmental organization famously known for its annual Davos conferences, which play host to world and business leaders intent on influencing global conversations and agendas. 



The body said it built its crypto policy report with contributions from policymakers, regulators and industry figures.



Dante Disparte, chief strategy officer and head of Global Policy at Circle, as cited in the white paper, said the WEF’s “vital work,” in collaboration with the Digital Currency Consortium, offered an accessible blueprint for jurisdictions to work with.



“The advent of crypto-assets and blockchain-based financial services is proving to be more about convergence than disruption of the traditional economy, banking and finance,” he said. “This should be encouraged.”



<h2 class="wp-block-heading">World Economic Forum warns of Ethereum ‘concentration risk’</h2>



WEF flagged areas of the crypto industry which could suffer from concentration risk, including stablecoins (a handful of issuers dominate the market) and crypto exchanges (FTX contagion was widespread).



The ecosystem could suffer without clear regulatory frameworks to handle market abuses, competition policies and conflicts of interest, the report said.



But WEF also cited Ethereum’s dominance as a potential risk: “There are several decentralized applications powering the crypto asset ecosystem, but the underlying technology is dominated by Ethereum, one of the most decentralized blockchains.”



Other layer-1 protocols operate within the sector, but “most are based on Ethereum technology,” WEF said, adding that layer-2s such as Optimisim, Arbitrum and Polygon are addressing some concentration risks.



“Moreover, a trend towards more EVM-compatible chains that do not depend on Ethereum for consensus, such as Avalanche, can further create competitive networks that share the same developer support,” WEF said.



Ethereum aside, worldwide agencies are voicing similar concerns. Dubai’s Financial Services Authority this week <a href="https://www.bloomberg.com/news/articles/2023-05-26/dubai-watchdog-warns-on-risks-of-crypto-s-global-regulatory-gaps" target="_blank" rel="noreferrer noopener">called</a> for regulators to come together in a bid to curb exploitation of regulatory loopholes.



The Dubai watchdog took grievance with the complex nature of many global crypto firms, which operate across multiple jurisdictions under a single umbrella organization.



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World Economic Forum Thinks it Knows How to Fix Crypto Policy

John Rizzo

Those in the crypto ecosystem hoping for regulatory clarity in the new year have been sorely disappointed thus far.&nbsp;



The SEC is now targeting <a href="https://www.cnbc.com/2023/02/20/how-the-sec-and-paxos-busd-fight-could-impact-the-stablecoin-market.html">Paxos</a> with their claims that stablecoin BUSD is an unregistered security (despite signing on to a working group recommending prudential regulation for stablecoins). The SEC has also <a href="https://www.forbes.com/sites/mariagraciasantillanalinares/2022/06/27/sec-chairman-gary-gensler-implies-that-ether-is-a-security-and-falls-under-his-jurisdiction/?sh=159095017775">implied</a> that ether is a security, with the New York Attorney General saying so <a href="https://www.coindesk.com/policy/2023/03/09/new-york-attorney-general-sues-crypto-exchange-kucoin-alleges-ether-is-a-security/">explicitly</a>. The chair of the CFTC is confusingly on the opposite side of the <a href="https://blockworks.co/news/bitcoin-and-ether-are-commodities-says-cftc-in-binance-lawsuit" target="_blank" rel="noreferrer noopener">ether debate</a>. And meanwhile, a newly released Council of Economic Advisors <a href="https://www.whitehouse.gov/wp-content/uploads/2023/03/ERP-2023.pdf">report</a> asserts that the “design (of crypto assets) frequently reflects an ignorance of economic principles.”



It’s fair for industry professionals to wonder whether this language represents an evolution in thinking from the administration’s March 2022 <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/">order</a> on digital asset development, which discussed the positive role that crypto assets could play in the economy and the lives of everyday Americans.&nbsp;



While market participants are right to continue pushing Congress and the Biden administration to enact a comprehensive regulatory framework for crypto assets, the lack of clear direction from Washington has created an opening in the crypto market. Participants should take matters into their own hands and establish a self-regulating organization (SRO).



There’s no question that crypto opponents in Congress would seek to smear the notion of an SRO with claims that recent malfeasance in crypto markets leaves the industry unable to be trusted to police itself. That’s not what an SRO is, and it’s not an approach I would advocate.&nbsp;



To analyze the merits of an SRO — which has <a href="https://www.politico.com/newsletters/morning-money/2023/03/13/washington-surveys-the-damage-00086733">some traction in Congress</a> — the country needs an honest debate about what this regulatory framework is and is not.&nbsp;



SROs are an <a href="https://www.sechistorical.org/museum/galleries/sro/">old concept</a> that have been used effectively since the 1930s and remain <a href="https://www.sec.gov/rules/sro.shtml">in use</a> today for the New York Stock Exchange and many other financial organizations. The success of America’s financial markets over many decades proves that SROs can work. The <a href="https://www.nyse.com/regulation/disciplinary-actions">long record</a> of disciplinary actions taken by regulatory organizations that violate SRO rules also speaks to their success.



SROs cannot simply write their own rules under this type of regulatory framework; the rules are overseen by <a href="https://crsreports.congress.gov/product/pdf/IN/IN11016">Congress</a> and <a href="https://www.gao.gov/products/129236">regulators</a> and have long had <a href="https://www.govinfo.gov/content/pkg/CHRG-109shrg39621/html/CHRG-109shrg39621.htm">bipartisan support.</a> SROs are <a href="https://www.sec.gov/news/statement/2013-spch050813laahtm">imperfect</a>, but the concept’s staying power over decades proves that this kind of regulatory framework can and does work.&nbsp;



Crypto market participants should not wait for the government to sanction an SRO. Right now, good actors in the industry can come together, agree on a set of high standards and commit to abiding by them.&nbsp;



A private SRO would not end the need for a federal regulatory framework — either through a comprehensive law or sanctioning of the SRO — but it does have the potential to bolster the industry. An SRO would separate the good actors from the bad ones; that is, the majority of the crypto community that is interested in driving innovation and improving lives versus those who see crypto’s current state of light regulation as an opportunity to commit fraud. An SRO would also bolster public confidence in crypto institutions at a time when it’s badly needed. And finally, a first-class SRO would deprive crypto’s opponents of their loudest talking point — the idea that crypto seeks to remain lightly regulated to commit fraudulent acts.&nbsp;



Setting up a private SRO would be challenging for crypto market participants. For instance, hard decisions would have to be made about standards of conduct. For example, firms could insist on prohibitions on commingling customer assets, guidance for the 1:1 backing of stablecoin assets with fiat currency and liquidity standards. While reaching agreement among market participants would be a challenge, the upside is substantial.&nbsp;



Washington may be back and forth about what it thinks about crypto, but that should not stop those who believe in crypto from showing the world that the community can come together around high standards for the greater good.&nbsp;



<hr class="wp-block-separator has-alpha-channel-opacity"/>


<div class="wp-block-post-author-biography">John Rizzo is Senior Vice President for Public Affairs at Clyde Group where he provides strategic counsel and communications guidance to a broad range of financial services clients, including market participants in traditional finance along with emerging and innovative spaces such as digital assets and fintech. Rizzo most recently served as the Senior Spokesperson at the U.S. Department of the Treasury where he led public affairs strategy on digital assets, fintech, climate finance, financial stability, domestic finance, and economic policy. Prior to his service at the Treasury Department, Rizzo was a top communications adviser to Sen. Chuck Schumer (New York) and Sen. Bob Casey Jr. (Pennsylvania).</div>


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It’s Time for Crypto To Regulate Itself

<div id="highlights-block_62a93562f3afd" class="highlights">
 <ul>
 <li>Trust in crypto has been shaken by recent events, leading to calls for greater regulatory oversight and more consumer protections</li>
 <li>Regulation could hold the key in providing a balance between shielding investors and fostering innovation, according to Albert Isola</li>
 </ul>
 
</div>



There is no doubt that faith in the crypto industry has been shaken in recent weeks.



A dramatic <a href="https://cms.blockworks.co/crypto-total-market-capitalization-under-1t-after-10-fall/" target="_blank" rel="noreferrer noopener">market rout</a> and panic have gripped both retail and institutional investors, forcing them to reconsider holding risk-on assets amid developing <a href="https://cms.blockworks.co/did-macro-kill-crypto-or-are-risk-laden-lenders-to-blame/" target="_blank" rel="noreferrer noopener">macroeconomic factors</a>.



Embattled crypto lender Celsius, which&nbsp;<a href="https://cms.blockworks.co/celsius-lending-platform-suspends-withdrawals-and-transfers/" target="_blank" rel="noreferrer noopener">locked</a>&nbsp;users out of their accounts following rumors of its insolvency, continues to face the music from disgruntled participants as it attempts to navigate leveraged positions.



Just weeks prior, the crypto market was rocked by the implosion of the <a href="https://cms.blockworks.co/?s=terra" target="_blank" rel="noreferrer noopener">Terra ecosystem</a> when its algorithmic stablecoin de-pegged from a 1:1 ratio with the US dollar in what has been called &#8220;<a href="https://cms.blockworks.co/stablecoins-are-cryptos-killer-app-so-far-just-not-terra/" target="_blank" rel="noreferrer noopener">reckless financial engineering</a>.&#8221;



Year to date, crypto&#8217;s bellwether asset bitcoin is down 55% and has fallen 70% from its all-time high of nearly $69,000 in November 2021 to $21,300, according to <a href="https://www.blockworksresearch.com/assets/btc/" target="_blank" rel="noreferrer noopener">Blockworks Research</a> data.



While far from the first time the market has witnessed freefall, many minds are questioning how this dismal situation could have been prevented and what avenues should the industry take for future cycles.



To some, such as Albert Isola MP, Gibraltar’s minister for digital and financial services, regulation holds the key to providing appropriate investor protections while helping smooth out volatility over a long-term horizon.



&#8220;One of the key issues we&#8217;re going to be living through now is trust, and perhaps a lack of trust,&#8221; Isola told Blockworks when asked what he thought of crypto&#8217;s recent market turmoil. &#8220;When people begin to realize that crypto and the space is volatile and subject to fluctuations, as is the traditional financial services market, you begin to think, &#8216;How can this happen?&#8217; and that all boils down to trust.&#8221;



The minister pointed to balanced regulation as a vehicle to restore that trust. &#8220;I think it&#8217;s in these most challenging times that regulation is even more important. Regulations have got to get better, not worse,&#8221; Isola said.



<h3 class="wp-block-heading">Gibraltar studies lessons learned</h3>



According to Isola, <a href="https://cms.blockworks.co/terra-collapse-sparks-stablecoin-regulation-in-the-uk/" target="_blank" rel="noreferrer noopener">regulators around the world</a> would now move to heavily scrutinize firms like Terra and Celsius in order to better understand how they got there, how they behaved during their respective crises and how they are answering the call to fix it.



&#8220;In all of these things, it&#8217;s never what happens — it&#8217;s how you respond to what&#8217;s happened that&#8217;s important,&#8221; the minister said.



Gibraltar considers itself a hub for both budding and established crypto and blockchain businesses, having implemented one of the world&#8217;s first licensing regimes for the industry in 2018. 



The overseas British territory also amended legislation in April which seeks to curb manipulation by asking crypto firms to respect markets in which they operate and monitor for potentially shady behavior.



The former naval garrison, located on the southern tip of Spain, may also soon permit a takeover of its regulated Gibraltar&nbsp;Stock Exchange by local <a href="https://www.theguardian.com/technology/2021/dec/27/blockchain-rock-gibraltar-moves-to-become-worlds-first-cryptocurrency-hub" target="_blank" rel="noreferrer noopener">blockchain firm Valereum</a> in a potential world first that would see crypto, bonds and equities traded under one roof.



Whichever services, whether traditional finance, online gambling or crypto, they have to be regulated, according to Isola, who added appropriate policy not only protects the consumer but the reputation of the jurisdiction.



Gibraltar currently has around 15 major crypto firms operating within its 6.7 km2 borders, including the likes of Bitso, FTX, Huobi and Bullish, the exchange backed by PayPal&nbsp;co-founder&nbsp;Peter Thiel. Isola reasoned lessons from overseas jurisdictions like Singapore and the European Union have provided ample examples of how to provide balance between consumer protection and fostering innovation.



It is because of Gibraltar&#8217;s favorable regulations that crypto and blockchain businesses from around the world are drawn there, according to Isola. 



&#8220;The interest of all of us [firms and regulators] in looking after consumers and doing things properly is totally aligned,&#8221; he said. &#8220;Ultimately, I think our desire is for an international set of standards to be applied around the world.&#8221;



&#8220;At least let&#8217;s have a minimum set so that everybody is playing by a set of basic rules,&#8221; Isola added.



<h3 class="wp-block-heading">Ahead of the curve</h3>



Indeed, some have argued for more oversight and control over the way in which Celsius and Terra behaved in the market. 



This could have prevented a spillover to other sectors that the industry now finds itself in, as the number of public crypto-related stocks continues to grow.



When asked how difficult it is to stay ahead of financial and technological innovation while metering out appropriate legislation, Isola said the task was considerable due to crypto&#8217;s nascence.



&#8220;When you&#8217;re innovating, by definition you are doing something that has not been done before and that is quite scary,&#8221; the minister said. &#8220;Yet in every instance, innovation is driven forward by the experts in the field.&#8221;



Even proponents of regulation would like to see governmental bodies move faster to set clear rules of the road.



&#8220;In terms of the regulator, I think every industry would tell you we wished they could do things quicker, that&#8217;s the overriding complaint consistently,&#8221; Isola said. &#8220;To do things properly, unfortunately, does take time.&#8221;



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Gibraltar Minister: Balanced Regulation Key to Restoring Trust in Crypto

Ron Hammond

<div id="highlights-block_622a396abbfec" class="highlights">
 <ul>
 <li>Effective regulation will need input from a vast range of participants—many with conflicting aims</li>
 <li>Russia’s invasion of Ukraine has sharpened lawmakers’ focus on the need to police cryptocurrency use</li>
 </ul>
 
</div>



Yesterday, President Biden signed an <a href="https://cms.blockworks.co/biden-signs-crypto-executive-order-promoting-responsible-innovation/" target="_blank" rel="noreferrer noopener">executive order</a> to coordinate a unified approach to responsible innovation in digital assets. The fact that the executive branch of government is recognizing crypto is a testament to the growth of the industry and demonstrates a desire to advance America as the global leader in financial innovation.&nbsp;



Cryptocurrency policy is unique to say the least. At barely a decade old, the sector is capturing the attention of the media, the public — and Capitol Hill, including the president of the United States. The subject matter is complex and time-consuming to digest, blending elements of finance, banking, national security, tech, internet and IP policy. It has political themes that appeal to both sides of the aisle, but also raise concerns on other fronts.&nbsp;



The recent invasion of Ukraine and the role that cryptocurrencies are playing in helping channel funds to Ukraine — and potentially Russia, too&nbsp;—&nbsp;have sharpened US lawmakers’ <a href="https://cms.blockworks.co/bidens-crypto-executive-order-may-be-watershed-moment-despite-lack-of-specifics/" target="_blank" rel="noreferrer noopener">focus on the technology</a>. Congress is receiving daily briefings from world leaders and national security experts on what must be done to deter Russian aggression. With Congress looking at every tool possible to deter Russia, many are looking to crypto as both an opportunity and a threat, thus teeing up a consequential year for crypto policy.



The regulatory and legislative landscape of crypto moves faster than nearly any other policy issue as countries realize the current regulatory paradigm doesn’t always capture the technology in the most efficient way. Information and intel about pending regulation and legislation is shared and debated freely through platforms such as Twitter, Reddit and Discord — something not commonly observed in other policy areas.



Additionally, the <a href="https://www.forbes.com/sites/korihale/2021/08/10/why-black-investors-seemingly-prefer-cryptocurrencies-over-traditional-stocks/?sh=9a7d09a68392" target="_blank" rel="noreferrer noopener">demographics</a>&nbsp;of these users also widely varies from the traditional financial system. The use cases are just as diverse. An example is the fast and efficient means of contributing&nbsp;to the Ukraine government, with<a href="https://finance.yahoo.com/news/crypto-giving-ukraine-flexibility-as-russian-invasion-spurs-desperation-202802758.html" target="_blank" rel="noreferrer noopener">&nbsp;over $60 million in crypto</a>&nbsp;being raised immediately deployed for buying body armor, among other supplies, for soldiers.&nbsp;



Making this debate more complicated, the leading voices for cryptocurrency regulation on Capitol Hill are also as unique as the policy issue itself. There are conservatives, progressives, privacy hawks, “big tech” skeptics, community bank advocates, Wall Street cynics, and national security experts. All of them care about getting this issue right, but from different points of view.



A common theme among many of these members is that they are young. Now, “young” for Congress is a relative term as the average age of a representative is 58 and for senators it is 63, but this generational difference in viewing policy has been seen before on issues like marijuana banking.



It cuts through party lines but also has an immense set of unique challenges as those in the skeptical camp tend to skew older in age, as Congress rewards experience through powerful committee positions.&nbsp;



The path forward for crypto regulation is also a frontier still being discovered. As new products and services are created on a near-daily basis, some fit the regulatory capture points from preexisting laws and regulations (such as complying with current sanctions.) Others fail to be explicitly covered in the current regulatory environment, and&nbsp;&nbsp;how to properly regulate them is still up for debate.&nbsp;



This is what makes crypto policy so exciting. Similar to the early days of space exploration, there’s a human desire to be the first to explore something entirely new, determine which innovations present the most promise and learn from mistakes of the past so everyone benefits.&nbsp;



However, getting involved is no easy task and not for the faint of heart. Tackling complex and new topics that evolve on a weekly basis is tough. Those who rise to the challenge and see the immense opportunity presented by crypto, non-fungible tokens (NFTs), <a href="https://cms.blockworks.co/the-investors-guide-to-stablecoins/" target="_blank" rel="noreferrer noopener">stablecoins</a> and decentralized finance (DeFi) are looking beyond the party politics that bog down DC.&nbsp;



Instead, they are seeking a way to work with industry, regulators, academics, think tanks and their colleagues to get this right. A few years ago, there were just a handful of members of Congress, but today the crypto movement inside the Beltway is growing dramatically.



To those policymakers who choose to join their colleagues in tackling this vast digital frontier, welcome! There is a lot to do and more areas to explore. Let’s get after it!



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