It’s a common refrain that US politics is hopelessly polarized and that no issues can garner bipartisan agreement. The polarization of US politics seems to be a permanent phenomenon, particularly when Democrats and Republicans treat members from the opposing party with increasing severity year after year. With the approaching presidential election, and with its rising political temperatures that it brings, an observer may despair of the structural polarization that exists in the US.
The good news is that — behind the depressing headlines — there are in fact surprising areas of real bipartisan cooperation. One of the brighter moments in the summer of 2017 was the emergence of a bipartisan agreement on a topic that seemed unlikely: crypto regulation. Several crypto-focused House of Representatives bills have been approved by their committees. This will allow them to be voted on the House floor this autumn.
Needless to say, this was a major milestone for the crypto industry — this is the first time any crypto-focused regulatory bills moved out of committee. Importantly, these bills were largely supported by both parties in the committees.
This bipartisan spirit may not guarantee that the Senate will vote on the bill, but it is clear that Congress must act.
This debate was very insightful, especially for how commonsense many of its members were. Rep. Ritchie Torres (D-N.Y.), one of the staunchest crypto defenders within the House, stated that our regulatory system is ineffective. Rep. Patrick McHenry of N.C. said that the regulation would be needed for American innovation as well as consumer protection.
While these bills are not yet perfect, it’s clear that sticking with the current system — marked by harsh enforcement actions that confuse the everyday user and depress innovation — will not hold.
Even the crypto industry’s opponents may come to the same conclusions as the US Securities and Exchange Commission has recently lost in its crusade. It is better for crypto critics to realize that a crypto consensus has emerged.
Click here to read our latest opinion: Crypto rights are basic American rights
Cryptography is popular for a reason: it’s not political by nature. This is because crypto has the ability to revolutionize how people work, live and have fun. Crypto is universal, which means there are benefits for all. It can be used to solve problems such as the power that traditional tech and banking sectors hold over people’s lives.
Even though the crypto market as a whole has been on a roller coaster for the past year since the fall of FTX it is notable that around 20% of American adults have crypto. Crypto is not a niche topic anymore. Enough of the constituents of our representatives use crypto, have it and are involved in its activities that Congress needs to pay attention.
While the fates of the bills in question are uncertain, we should be encouraged to have made it to this point — at the cusp of a House-wide vote to demonstrate just how much Congressional support for crypto policy has grown, and how much work there is left to do.
Kristin is CEO of The Blockchain Association. This Washington DC-based group represents over 100 companies that are leaders in the blockchain and crypto industry. She oversees efforts to impact public policy, regulation and to encourage the growth of US digital asset ecosystem. Kristin has nearly 10 years of experience in Capitol Hill. She held senior positions both in the House and Senate focusing on tech policy. Kristin is a public crypto advocate, engaging policymakers and writing op/eds. She also speaks at global events. Kristin holds an MBA from NYU’s Stern School of Business and serves on the board of the Filecoin Foundation for the Decentralized Web.
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