As we approach the end of 2024, the cryptocurrency industry in America finds itself at a newly critical juncture, marked by significant progress and new momentum following the election. While I often say that the coming year will be important for crypto in the United States, there are a few reasons why I think that this is especially true as we move into 2025.
To be clear, crypto is the most powerful industry in Washington. Now, we must capitalize on this momentum and get real policy across the finish line.
Crypto won the election – even before any votes were cast. Now, we have a pro-crypto President-elect, along with the most pro-crypto Congress yet. This year, crypto was undoubtedly an important issue, able to sway vital voters in swing states. The incoming administration and future political candidates will hopefully take this lesson to heart: there is no upside to being anti-crypto.
Despite this political momentum, the regulatory environment remains complex; however, we are hopeful for a speedy resolution to our industry’s most pressing concerns. Over the past year, Chair Gensler’s SEC has maintained its aggressive stance towards the industry, issuing numerous Wells notices and enforcement actions. The Commission’s ongoing struggle to clearly define crypto assets or establish coherent guidelines for custody and dealer operations continues to create unnecessary, damaging uncertainty in the market. We await a change at the Commission that will ease the aggressive, anti-crypto stance that has plagued our industry for the past four years. Fortunately, that change appears imminent.
While we have made limited progress with federal regulators, we’ve seen encouraging progress on Capitol Hill. The bipartisan support for the SAB 121 repeal and market structure bill – the Financial Innovation and Technology for the 21st Century Act – marked significant milestones in support for crypto policy. While these victories are noteworthy, they also underscore the work that remains to be done.
There are reasons for optimism in 2025. We have cultivated a growing, bipartisan base in Congress. The new administration presents an opportunity to recalibrate the national conversation on crypto. Changes across federal regulatory agencies will bring fresh perspectives to long-standing issues. The crypto-conscious voter is a well-defined force, one that future campaigns will need to treat with increasing seriousness.
Blockchain Association’s strength and success is built on our members. Your insights, expertise, and engagement on critical industry issues have been instrumental to our progress. As we navigate future challenges and opportunities, your continued support remains indispensable.
I want to express my gratitude for your unwavering commitment to shaping the future of finance. I am confident that together, we will continue to advance the cause of global innovation, ensuring that the United States leads the world for decades to come.
Thank you for your continued support and engagement.
