Our industry seeks to revolutionize many of the most important and regulated functions of our society. Due to that ambition, no other industry of comparable size and age has so quickly captured the focus of policymakers and regulators.
This attention creates unique challenges and opportunities. Policies enacted in the coming years related to securities laws, anti-money laundering and know-your-customer requirements, market integrity and taxes could smother our nascent industry, or they could lay the foundation for a flourishing and vibrant cryptocurrency and blockchain economy.
Kristin Smith is the executive director of the Blockchain Association, which celebrates its two- year anniversary this week.
For example, the Financial Action Task Force, an international financial surveillance standards-setting body, has signaled that some of its members may be seeking to restrict peer-to-peer cryptocurrency transactions and the use of un-hosted wallets. Eliminating or restricting individuals’ ability to transact directly with one another would undermine the fundamental