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The call for blockchain regulatory reform in the United States is rising, with longer forces driving policy changes.
Blockchain Regulatory Reform Initiative: Who is Fighting for Better Regulation?
As Kik publicly challenges the SEC's 73-year-old securities regulatory framework, some influential companies, associations, and individuals have also begun to express dissatisfaction with the current Blockchain regulations in the United States. This article will introduce these important forces advocating for regulatory reform in alphabetical order, including their main viewpoints and demands.
Andreessen Horowitz Fund (A16Z)
Katie Haun, a partner at A16Z Crypto Fund, believes that the Kik case may have significant implications for the clarification of cryptocurrency regulation. She listed several advantages supporting the Kik case and pointed out that some well-known venture capital firms have been publicly and behind the scenes advocating for the modernization of existing securities regulations to better accommodate Blockchain technology.
Blockchain Association
An industry organization based in Washington, dedicated to promoting Blockchain and educating decision-makers. The board members of the association include well-known institutions such as Coinbase and Circle. They recently took over the "Defend Crypto" initiative launched by Kik and spoke candidly while criticizing the SEC.
Main appeal:
Members of Congress Send Letter to the White House
In May 2019, several independent lawmakers jointly sent a letter to the Director of the White House National Economic Council, requesting:
Members of Congress Letter to SEC Chairman
In September 2018, several members of the House of Representatives jointly wrote to the SEC chairman, requesting clarification:
Congressional Blockchain Core Group
Composed of members from both parties, they believe in the future of Blockchain and argue for a non-interventionist regulatory approach. The group has proposed three bills:
"Blockchain Regulatory Certainty Act" Entities on the blockchain that do not control customer funds are not required to register as money transmitters.
"Taxpayer Forked Asset Safe Harbor Act" Provide a temporary safe harbor for taxing hard forks.
Digital Chamber of Commerce
Call on the US government to formulate a national blockchain strategy, main demands:
Circle
CEO Jeremy Allaire stated that US cryptocurrency policy needs to change. Main points:
Token Center
Regulatory agencies should avoid suppressing innovations that do not meet the Howey Test, such as highly decentralized cryptocurrencies, sidechains, etc.
Kuli Law Firm
Partner Nancy Wojtas hinted that the SEC may not be the right agency to regulate cryptocurrency.
"Defend Cryptocurrency" Fund
Managed by the Blockchain Association, dedicated to helping more projects defend cryptocurrency.
Electronic Frontier Foundation
Opposition to the SEC's ruling against the founder of EtherDelta, arguing that it violates freedom of speech. Main points:
Christopher Giancarlo
The outgoing CFTC chairman supports a gradual regulatory approach. Key points:
Global Digital Finance Association
Committed to building asset custody standards, promoting industry compliance and consumer protection.
Kik
Challenging the SEC through its case. Main appeal:
Kraken
Oppose applying the securities law regulatory framework to cryptocurrency exchanges. Main points:
Libra / Facebook
Claiming to build a link to the global financial system. Its success may open the door for non-sovereign cryptocurrencies and will be a groundbreaking regulatory initiative.
Timothy Massad
Former CFTC Chairman, advocates:
Messari
It is believed that a self-disclosure system can alleviate SEC concerns and serves as an alternative option when the formal registration process is lacking.
William Mougayar
Advocacy:
Hester Peirce
SEC Commissioner known as "Crypto Mom". Main points:
Perkins Coie LLP
Advocate for a more crypto-friendly regulatory framework under the SEC.
ProShares, Direxion, etc.
The submitted ETF application was rejected by the SEC.
Ripple
Dissatisfaction with the SEC's lack of regulatory clarity. Main points:
Token Classification Act
A comprehensive bill supported by members of parliament, main content:
Union Square Capital
Support Coin Center and Blockchain Association, hold briefings with policymakers and regulators.
Fred Wilson
USV partners convey industry insights through blogs. Main points:
Winklevoss Brothers
Operating the Gemini exchange, the submitted ETF application has been rejected multiple times. Launched the Virtual Commodity Association, focusing on self-regulatory principles.
Wyoming
Under the promotion of Caitlin Long, it has become the only U.S. state to provide a comprehensive and friendly legal framework. Main measures:
Despite strong calls from the industry, the SEC's stance remains ambiguous and contradictory. The SEC's actions are hindering U.S. blockchain companies from realizing their potential. There is currently a lack of high-level advocates, and regulation continues to be a barrier to innovation. The entire industry is eager for innovation but is troubled by the question of 'What will the SEC think?'. True innovators are turning to Asia or Europe. The U.S. needs to take action in a timely manner, or it may struggle to regain lost ground.