The CLO of the Blockchain Association asked the U.S. Congress to oversee crypto regulations. A lack of regulations is causing regulators to overstep their authority. Pro-crypto trade group Blockchain Association has addressed the recent crackdown on crypto firms by multiple United States regulators. Jake Chervinsky, the Chief Legal Officer of the Blockchain Association, took to […]
A lack of regulations is causing regulators to overstep their authority.
1/ After a streak of hostile moves by US regulators, with rumors of more to come, fears of a crypto crackdown have never been higher.Let’s discuss the state of crypto policy: what’s happening, why, and what we do next 🧵Notably, the recent streak of hostile moves by regulators in the country has sent fears of a crypto crackdown to an all-time high. He acknowledged that the series of bankruptcies and collapses in 2022 made it the worst year from a policy perspective.
However, these regulators are bound by the “legal reality” of not having the authority to comprehensively regulate crypto. The Blockchain Association’s executive added:
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