Industry leaders continue to hold out optimism that the United States would create laws that fairly treat cryptocurrencies, but a consultant with the Crypto Council for Innovation cautions that it will require “a lot of work.”
Sean Lee, co-founder of the Odsy Network and consultant to the Crypto Council for Innovation, claimed that equitable treatment of the cryptocurrency business in the US is doable in an interview with Cointelegraph on 29th March at the World of Web3 (WOW) Conference in Hong Kong.
He said that since financial reform was implemented in the wake of the 2008 financial crisis, there is no reason why the same cannot be achieved for cryptocurrencies.
“It is possible, it will take a lot of work […] and usually implementation comes after a massive crisis, which we have right now.”
FTX Meltdown in November
Regulators and lawmakers who oppose cryptocurrency appear to have had plenty of just following the FTX debacle in November to slam the door on the budding crypto industry. Lee clarified that FTX is simply a centralized trading facility and not a cryptocurrency, adding:
“If you don’t properly regulate centralized entities, well, we’ve seen back in history many times about what can go wrong.”
He claimed that there was a great deal of education that was needed, and that’s what groups like the Crypto Council for Innovation are attempting to do.
To help legislators grasp the situation and “help them also appreciate what other jurisdictions are considering,” the council is working to engage them in dialogue.
Assistance can be given to “help create more progressive policies” so that communities and businesses can have a much clearer understanding of the environment.
Arguments Made by Sheila Warren – CEO of the Crypto Council
Similar arguments were made by Sheila Warren, CEO of the Crypto Council for Innovation, in a statement regarding the recent CFTC Binance lawsuit, she said that she hoped it would put an end to individuals entering the cryptocurrency space and taking advantage of the lack of regulatory clarity in the U.s.
She added that the SEC had been “hit hard across the bow” by the CFTC’s designation of some cryptocurrencies as commodities.
In a similar event, SEC Chair Gary Gensler in the week asked for a higher budget to address the crypto markets, which he referred to as the “Wild West.” Uncle Sam’s campaign on cryptocurrency is therefore unlikely to end anytime soon.