Blockchain industry insiders answer: What were the main crypto regulatory milestones in 2021, and what should be expected in 2022?
— is greater than ever. Yet, there is no time for consideration, as it is time to act.
“The significant change has been the increased attention of U.S. lawmakers and regulators. Many jurisdictions are ahead of the United States in terms of legislation and rulemaking, but where the U.S. lands on important policy issues — including fundamental questions of token taxonomy — will be impactful on crypto’s evolution.
“I think we’ve turned a corner on engagement from policymakers. It was heartening to see how inquisitive and informed many representatives were at December’s HFSC hearing, asking questions in good faith to learn more about the technology and value blockchain provides. I don’t think we could’ve gotten here without all the industry advocacy we’ve seen this year and support from the incredibly vocal crypto community.
In 2022, we expect to see more definite opinions from these regulators, which will really give us a solid idea of the roadmap of rules they are working towards. It is apparent how much the decentralized finance and cryptocurrency markets could be worth to them if they take a balanced view to foster innovation. The expectation is regulators will embrace these areas given the level of value it can create for each country and consumers within them.
In Europe, Switzerland has reaped the benefits of being a regulated jurisdiction for crypto firms. This is putting pressure on the E.U. to embrace a position, giving greater clarity to consumers, investors and firms alike. In 2022, this is only likely to increase in pace. Too many regulators have seen the benefits of crypto and blockchain and recognize the need for clarity.
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