Five years ago, when the Blockchain Association was founded, there were doubts about whether the digital assets industry could effectively use a trade association to advocate for its priorities in front of Congress and federal regulatory agencies. At that time, the focus in Washington D.C. was on whether crypto would survive in the long run, rather than addressing complex issues like market structure, taxation of non-fungible tokens (NFTs), or the constitutional protection of code. However, it is now evident that crypto has proven its staying power.
As the Blockchain Association celebrates its fifth anniversary, it is important to reflect on the past five years and anticipate the challenges that will shape the industry’s success in advocating its case in the U.S. capital in the years to come. The industry has experienced significant disruptions, from President Donald Trump’s negative tweets about Bitcoin to market volatility and regulatory actions by the Securities and Exchange Commission (SEC) that have created uncertainty.
Despite these challenges, crypto adoption continues to grow, with multiple presidential campaigns expressing support for the industry. The Biden administration even issued an executive order directing federal attention to study the technology and propose responsible regulation. Looking ahead, there are several areas where Congress, the White House, and regulatory agencies are likely to focus.
One key issue is anti-money laundering (AML) efforts, as law enforcement agencies strive to track illicit transactions on blockchain networks. Another important consideration is the fate of crypto-specific bills in Congress, which will determine the path to passing legislation. Additionally, the outcome of the 2024 presidential election could bring about a regulatory sea change, potentially influencing the development and use of digital assets.
In the face of these challenges, the Blockchain Association remains committed to advancing the future of crypto in the United States. Over the past five years, the industry has gained a strong voice in Washington D.C., and the association will continue to advocate for its members and the industry as a whole in the years to come.