Regulations for stablecoins almost finished: Blockchain Association

Regulations for stablecoins almost finished: Blockchain Association

calls after more transparency in the process of crypto regulation in the USA are getting louder. The latest that follows the trend is the Blockchain Association, whereby the wave of the enforcement measures continues, while the Securities and Exchange Commission exacerbates their war against crypto.

On February 22nd, Kristin Smith, CEO of Blockchain Association, told Bloomberg that the raid was an operation "behind closed doors" that under certain circumstances aimed at certain companies.

"What we really need is an open process in which we look at the entire market comprehensively. [Regulator's need to] find out how you can adequately regulate different actors within the crypto ecosystem, and go in an open process in which everyone can take part."

The Blockchain Association is the collective voice of the crypto industry with around a hundred members, including the leading investors, companies, managers and projects in the industry.

"What we need is that the congress makes laws."

Kristin Smith, CEO of the Blockchain Association, explains why she has great hope for crypto legislation, while she speaks to Bloomberg @kaileyleinz https://t.co/udgiccvqva pic.twitter.com/ekrtflbgkb

- Bloomberg Crypto (@Crypto) 21. February 2023

stable coins must be addressed

She added that the congress had to enact laws, but the process was very slow and that regulatory authorities such as the Sec would intervene and take its own measures. The agency recently targeted stable coins because it is trying to identify everything that has to do with crypto as security.

Smith praised the new subcommittee of the House of Representatives for digital assets, financial technology and inclusion, which was announced in mid -January, and added that it was confident about stable coins.

"This is a topic that the congress has dealt with since 2019, and there were hearings in the House of Representatives and the Senate," she said before adding: "Last year we were really close to saying some non -partisan laws."

Working on StableCoin legislation has been completed and ready for use, said Smith. The congress only has to pull out, but nothing happens quickly in the bureaucratic circles of American politics.

dealing with regulatory concerns

The main allegation of the US (and global) supervisory authorities is that crypto is used for money laundering and terrorist financing. Smith argued that most of the centralized stock exchanges already have solid AML (anti-money laundering) and Kyc (know your customer) provisions.

She added that there are specialized analysis companies that work with law enforcement authorities and centralized stock exchanges to find out where the criminals are and where the funds flow.

"[Crypto] is actually much more transparent than we see it in the traditional financial services system",

"We don't think there is a problem here," said Smith, since US dollar is the first choice for criminals and money washer. The legislation is required on the stable coin and market side, it concluded.

.