Representatives from crypto companies expressed concern that the lack of regulatory clarity will impede US innovation at the annual Futures Industry Association conference held in Boca Raton. Industry players criticized regulators, including the Securities and Exchange Commission (SEC), for what they see as inadequate regulatory frameworks for the novel asset class.
The SEC’s recent enforcement actions against crypto companies have been viewed by many as a hostile attack on crypto and US innovation, according to Brian Quintenz, the Crypto Head of Policy at Andreessen Horowitz.
Quintenz accused the SEC of going rogue and being completely out of control. Panelists at the conference noted that other jurisdictions, such as Hong Kong, Singapore, and the United Kingdom, are ahead of the United States in terms of regulatory progress.
Many industry players are now looking towards a potential legislative solution with support from both Democrats and Republicans. Julia Hueckel, associate general counsel at Coinbase, expressed hope at the bipartisan interest in finding a solution.