as the crypto As the industry continues to grow, regulators around the world are looking for operational and legal frameworks to guide their actions to control the industry more effectively.
The US government, in particular, which has been criticized for being slow in making crypto rules in the past, has viewed the sector with a renewed sense of urgency as the economy shifts into lower gear.
In recent months, we’ve seen crypto-focused executive orders from President Joe Biden, as well as a bipartisan bill proposed by Senators Cynthia Lummis, Republican of Wyoming, and Kirsten Gillibrand, Democrat of New York, that aims to provide guide rails around the digital asset space.
While other governments around the world are closely monitoring the web3 industry, it is still unclear what form regulation might take and when the crypto industry should expect it.
“There are a huge number of responsible players in the industry,” former US SEC chairman Jay Clayton said at the Bloomberg Crypto Summit conference on Tuesday. “There were irresponsible players in the industry with the ICO [boom] … That was waste. That was absolute garbage. And regulators must first respond to the waste. That’s the job.”
Regulation in the US has been quite slow and complex, so private companies are trying to fill the void to some extent. “We are at the grassroots level of policymaking,” Kara Calvert, Coinbase’s head of US policy, said during the discussion with Clayton. “Governments around the world are looking at how to tackle these problems.”
While the US has considered regulating the crypto industry, Calvert said she believes the country is lagging behind other global players.