Jake Chervinsky, Chief Policy Officer at Blockchain Association shares insight on the state of the crypto policy following a string of adversarial actions by US regulators in a Twitter thread.
Chervinsky stated that the latest strong regulatory measures employed to monitor the cryptocurrency market are reactions resulting from exchange collapses in 2022, specifically the defunct FTX exchange.
Additionally, he highlighted that enforcement actions brought by regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC) can only operate based on the law.
According to him, both agencies lack the power to fully regulate crypto, and will never be able to do so without Congressional action. As a result, the ultimate regulatory decision-making authority rests with Congress, not the agencies.
The Blockchain Association plays an important role in shaping the regulatory environment for blockchain and cryptocurrency in the United States. Based on its backing for the sector, the association declared that it was supporting Ripple in the SEC case.
How can the Public Resist Current Crypto Policy Attacks
Chervinsky outlined a variety of actions the crypto community may take going forward, to fend against the current onslaught and build sound policies for the long run.
Firstly, he proposed that individuals and industry leaders should get involved in the public process and make their opinions heard. According to him, regulators have to consider the opinion of the public before finalizing new policies. Relating to this, a US senator, Pat Toomey previously urged the SEC to clarify crypto regulations to better guide the public.
Secondly, he suggested that the public should file court actions against the SEC whenever they overstep their authority and fail to observe due process.
Thirdly, he believes the public can enlighten Congress about the concept and benefits of using cryptocurrency. He claims this method can give congress the right answers to some pertinent questions like how crypto should be regulated.
Additionally, Chervinsky believes the public can help Congress by suggesting sound policies that can make the industry move forward.
Finally, he highlighted that the public should leverage the court because he believes the core of crypto is a fight for civil liberty.
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