It wasn’t exactly surprising to hear speakers at yesterday’s Ondo Summit in Manhattan opine on crypto regulation/legislation.
Beyond the optimism that we have heard so much about after the election, it was evident there’s still a lot of work to be done.
Former Congressman Patrick McHenry referred to Paul Atkins as a “great choice for SEC chair.” McHenry pointed out that it can take several months to finalize confirmations such as his. This is why there could be a potential. “purgatorial state” If you remember from the Forward Guidance of last week, it is about SEC.
A lengthy process is underway: “arduous” McHenry said that it is a long process to write and pass laws. Hearings are held before legislators begin to draft a law. After that, it’s time to get it passed out of the committee. Once it is passed by the House of Representatives, McHenry said, then the Senate will take over. “a completely different beast.”
You can also find out more about us on our website. “breakneck speed,” A crypto bill may be signed by July 4.
“Or it could take 18 months,” He noted.
McHenry urged the industry to go beyond timelines and engage the people in Washington. It’s now safe to do so, he argued — with the end of SAB 121 and Hester Peirce’s plans as key indicators.
Sandy Kaul, a Franklin Templeton employee, knows a thing or two about engagement. Sandy Kaul’s firm employs a team of people who are solely responsible for creating FAQ materials and presentations to regulators.
“On one hand you’ve got to go very quick and be very open-minded and be very willing to disrupt yourself,” Kaul said during one panel. “On the other side, you really need to take the regulators on a journey with you and use your reputation as someone they trust to get them comfortable that it’s OK to move forward.”
Caroline Pham (CFTC acting chair) had her very own fireside conversation at the event. The agency has been working hard to meet the short-term deadlines set out by Donald Trump in his executive order. Pham spoke about the CFTC’s plans for bringing on board new members. “crypto market structure experts” As senior advisors.
Derivatives regulator revealed today that it will host a CEO Forum (with Circle Coinbase Crypto.com Ripple and Ripple), to discuss their pilot program on tokenized collateral.
Pham urged the sector to be prepared with an answer when asked what it could do to avoid this chance for clarity. “reasonable approach.” Close the unfortunate situation “credibility gap” She argued that some fraudsters in the space industry were to blame.
Pantera Capital founder Dan Morehead told a panel in a different session that the industry was still getting used the more hospitable invitations.
“The rebels just threw the gates open, the sun’s beaming in and we’re all just still sitting there too afraid to be excited that it’s a new era,” Morehead mused.
McHenry emphasized that people should not be afraid. It’s important for the industry now to capitalize on the momentum.
“If we’re going to get something positive out of legislative or regulatory action, it will happen in the next 18 to 20 months,” “He said” “That is open-field running; and if we miss this window, we’re going to be much worse off and we’re going to see people go back overseas.”
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