Although the crypto industry has been on a downtrend, especially in April and May, the optimism at the blockchain summit in DC posts a different picture. Some of the top crypto lobbyists, regulators, and lawmakers met in Washington DC Blockchain Summit, which has taken place every year since 2016
Cryptos were compared to the iPhone, with Senator Cory Booker, lightly saying that if today’s regulations were put forth back in the 1900s, “Orville and Wilbur Wright would have never gotten off the ground.”
The summit attracted more than 800 people and proved that the support for the new technology and crypto assets is growing. It also demonstrated that processes are underway to help normalize the industry. So, here are the main takeaways from the summit.
Bill from Prominent Senators Targets Increasing Crypto Adoption
Senators Kirsten Gillibrand (a progressive) and Cynthia Lummis (conservative) were perhaps the most unlikely pair at the summit. They joined the forces to talk about the crypto bill, the Responsible Financial Innovation Act, which they are working on together.
This bill is aimed at helping put cryptos in the ambit of the Commodities and Futures Trading Commission (CTFC) and not the US Securities and Exchange Commission (SEC). The two departments have been in a pull and push over who should be in charge of cryptos.
According to Lummis, the bill targets a light regulatory approach to cryptos. “We don’t want to over-regulate because innovation is ahead of us even as we speak,” she said.
Other Congresspeople Also in Support of Light Crypto Regulation
The other two senators who were present at the summit included Steve Daines (Montana) and Cory Booker (New Jersey). When he got his opportunity to speak, Booker said he hoped that cryptos would provide a path to help address financial inclusion for most marginalized communities.
“People of colour look at big financial institutions for what their history shows them to be: discriminating against vulnerable communities,” he said. “It’s no surprise the African Americans and Latinos are turning to a world that is a decentralized world, that they hope will be a more level playing field,” he emphasized.
Other top personalities included Tom Emmer, Darren Soto and Stephen Lynch, who appeared on recorded videos to pledge to fight for cryptos. Sato said that using blockchain can “help solve some of the most complex problems facing the United States.”
Comprehensive Regulations Might Take Years
Although the enthusiasm was pitch high, the ongoing conflicts between different bodies mean that regulations might be years away. Gillibrand indicated that her bill would have to go through oversight hearings in all four committees, with each having its own agenda. Although President Joe Biden issued an Executive Order on digital assets in March, it will not give specific legislation for the industry.
The legislation will be a multi-year process, according to Boring, the founder and president of the Chamber of Digital Commerce. “We don’t expect significant policy changes this year,” Boring explained.