Relative to other industries of similar size, the crypto industry has uniquely captured the focus of policymakers and regulators. This attention creates unique challenges and opportunities: policies enacted over the next few years could prove to be existential threats to the industry, or they could lay the foundation for a flourishing and vibrant cryptocurrency and blockchain economy in the United States. Industry leaders from the membership chair the association’s working groups, which address on-going policy challenges and are open to all employees of member organizations.
The Blockchain Association believes that the ability to self-custody an individual’s own digital property is a fundamental right that must be protected. In the blockchain ecosystem, individuals manage their own private keys using self-hosted wallets of various forms.
Self-hosted wallets allow individuals to engage in transactions over the internet on a peer-to-peer basis, meaning that no other individuals or entities are parties to the transaction.
Peer-to-peer transactions over the internet were impossible before the advent of the first cryptocurrency, and this seemingly straightforward innovation has widespread, profound, and exciting implications for policymaking and society.
The Securities Law Working Group coordinates the open blockchain industry’s efforts to seek regulatory clarity in the United States securities laws.
The U.S. benefits greatly from its continued position as the world’s financial leader. To retain this advantage, the U.S. must remain at the forefront of financial innovation. Cryptocurrencies and blockchains—and the “tokenization” of assets and value more broadly—are driving the next major wave of innovation in the financial and technology sectors.
The U.S. banking system must be receptive to this changing technological landscape. At a minimum, U.S. banks of all sizes must be prepared for a tokenized, digital-first future. However, we hope to see U.S. banks at the vanguard of promoting the creation and adoption of new technologies that can make the business of banking more efficient, accessible, and secure.
The Decentralized Finance (DeFi) Working Group facilitates discussion among industry participants, educates policymakers, and proposes public policy solutions on issues related to the DeFi community.
The Stablecoin Working group is both leading the blockchain industry’s collaboration with U.S. regulators and legislators as they learn about the potential of stablecoins to positively affect the world economy and developing policies to support, adopt, and regulate them.
Blockchain technology and cryptocurrencies will make digital and financial services more efficient and accessible. The application of tax laws to cryptographic assets must be clarified in order for the industry to reach its full potential.
The Blockchain Association’s Staking Working Group works to educate the policymaking community about proof-of-stake (PoS) networks and the legal and regulatory issues associated with PoS networks.
The Custody Working Group coordinates industry efforts to engage with regulators as they develop guidance on the custody of digital assets.
The Privacy and User Data Working Group seeks to educate the policy-making community about the privacy and security benefits blockchain applications could provide consumers.
The Digital Securities Working Group coordinates the crypto industry’s work with regulators and policymakers to modernize securities regulations in order to realize the full benefits of tokenized securities.
The Blockchain Association’s Market Integrity Working Group supports the development of public policy that ensures the transparency and fairness of cryptocurrency markets.
The Diversity and Financial Inclusion Working Group drives public policy discussions to promote financial inclusivity using open blockchain technology and promotes diversity within the blockchain industry.
The Litigation Working Group oversees the Blockchain Association’s efforts to ensure that courts are educated about how decisions related to enforcement actions could affect the broader crypto industry. In addition, the Litigation Working Group oversees more than $1 million of residual funds from Defend Crypto to help fight legal battles that could benefit the entire crypto industry.