Blockchain Regulatory Reform Fighters: Key Figures and Organizations in the U.S. Blockchain Industry

In the United States, some influential companies, associations, and individuals are calling for reforms to the existing Blockchain regulatory framework. Below are the main participants and their demands, arranged in alphabetical order:

Anderson Horowitz Fund ( A16Z )

Katie Haun, a general partner at A16Z's crypto fund, believes that the Kik case may have significant implications for the clarification of cryptocurrency regulation. A16Z has been advocating for the modernization of existing securities regulations both publicly and behind the scenes to better accommodate blockchain technology.

Blockchain Association

The Blockchain Association is an industry organization headquartered in Washington, dedicated to the promotion of Blockchain and advocacy education for policymakers. Its main appeals include:

• Blockchain-related policies should be generated during an open decision-making or legislative process.
• Congress needs to keep an open mind about "understanding the impact of cryptocurrencies"
• The questions raised by the SEC staff are more than the answers they provide.

Members of Congress Send Letter to the White House

In May 2019, several independent members of Congress wrote to the White House National Economic Council, with main requests including:

• Hold a Blockchain technology forum to provide advice and support for stakeholders.
• Include blockchain technology in the management plan

Congressional Blockchain Core Group

An organization composed of members from both parties believes that a non-interfering regulatory approach should be taken towards Blockchain technology. The group has proposed three bills:

1. Resolution Supporting Digital Currency and Blockchain
2. "Blockchain Regulatory Certainty Act"
3. The "Taxpayer Fork Asset Safe Harbor Act"

Digital Chamber of Commerce

The blockchain/digital asset trading association headquartered in Washington calls on the federal government to formulate a comprehensive national strategy for blockchain. The main demands include:

• Before enforcement, policies and regulatory requirements should be clarified and established.
• Preventing the patchwork of regulation
• Establish an official agency to coordinate the advancement of the U.S. Blockchain strategy.

Circle

Circle CEO Jeremy Allaire clearly stated that the policy for cryptocurrency in the United States needs to change. The main demands include:

• Stop using laws made in the 20th century for technologies created in the 21st century
• Many token projects lack the key elements of the Howey Test, but this seems to have not affected the SEC's consideration of them as securities.

Token Center(Coin Center)

The Token Center focuses on research, educating policymakers, and promoting cryptocurrency and decentralized computing technology. Its main points are:

Regulatory agencies in the securities industry should avoid stifling promising innovations that are unsuitable for the Hawley test, such as highly decentralized cryptocurrencies, sidechains, etc.

Kik

Kik is challenging the SEC through its case. The main claims include:

• Abandon the Haoweitest
• Do not regulate cryptocurrency
• Enable entrepreneurs to innovate through token models

Kraken

Kraken strongly opposes the Canadian authorities' implementation of a securities regulatory framework for cryptocurrency exchanges. The main demands include:

• Regulators need to distinguish between crypto assets that comply with current securities laws and those that operate solely as a means of payment.
• Clearly define the positioning of exchanges operated by trustees.
• Implementing a securities law regulatory framework on exchanges is neither necessary nor appropriate.

Hester Pierce(Hester Pierce)

As a breath of fresh air within the SEC, Hester Peirce is referred to as "Crypto Mom." Her main points include:

• Approve cryptocurrency ETFs
• Tokens used in functional networks rather than sold in investment contracts are not classified as securities.
• The SEC's old framework may not be suitable for the new world of crypto assets.
• The SEC should not stifle innovation
• Urge the SEC to consider whether a new regulatory framework may be more suitable for cryptocurrency.

Wyoming

Wyoming has become the "Delaware of digital asset law." The state's latest Blockchain laws include:

• Acknowledge the direct ownership rights of individuals for all types of digital assets.
• Create a financial technology regulatory sandbox to provide innovators with regulatory exemptions for up to three years.
• Authorize new state-chartered savings institutions to provide basic banking services for Blockchain businesses.
• Authorizing the first true "Qualified Custodian" for digital assets

Despite the presence of a large number of rational voices in the industry and market, the SEC seems to maintain the status quo, offering almost no effective guidance. Currently, there are no high-level government officials who can set the tone and drive Blockchain forward. The entire Blockchain market wants to innovate, but has been troubled by the question "What will the SEC think?" This forces true innovators to develop their businesses in Asia or elsewhere in Europe, escaping the heavy regulatory shackles of the SEC.