Kristin Smith: The Voice of the Crypto Industry on Capitol Hill
In a recent interview with CNBC, Kristin Smith, CEO of the Blockchain Association, outlined her vision for the future of the cryptocurrency industry. She highlighted the priorities for U.S. President-elect Trump and the new Congress, the importance of clear regulatory frameworks, and the critical steps needed to advance the crypto sector.
The U.S. on the Road to Crypto Leadership
The Blockchain Association CEO expressed confidence in the pro-crypto stance of the Trump administration and the new Congress. The industry is eagerly looking to leaders who can craft policies to position the U.S. as a global leader in the cryptocurrency sector.
Kristin Smith during her CNBC interview. Source: Youtube
We will have the most pro-crypto White House and pro-crypto Congress that weâve ever seen,Smith stated.
She highlighted the importance of strategic appointments, particularly within the U.S. Treasury and the Internal Revenue Service (IRS), to facilitate an effective policymaking process.
The appointment of Scott Bessent as Treasury Secretary is a promising start, as he has been a strong advocate for making the U.S. the âcrypto capital of the world.â The industry is now closely monitoring further appointments, especially for Deputy Secretary of the Treasury and Undersecretary for Terrorism and Financial Intelligence.
Scott Bessent. Source: newsweek.com
Reforming the SECâs Approach
Kristin Smith has identified the Securities and Exchange Commission (SEC) as a significant obstacle to the growth of the cryptocurrency sector. Under Gary Genslerâs leadership, the SEC adopted a âregulation by enforcementâ strategy, which she described as âincredibly destructiveâ to innovation in the U.S.
Smith noted that during Genslerâs tenure, the SEC launched over 100 cases against crypto companies, leading to an exodus of innovation abroad.
SEC Chair Gary Gensler became synonymous with a disruptive approach. Source: CoinMarketCap
Smith expressed hope that the new SEC chair would âput a stay on any new litigationâ and prioritize resolving existing cases.
She pointed to the potential of the SECâs existing tools, such as âNo-Action Lettersâ and âExemptive Orders,â to quickly establish a more supportive environment for crypto projects.
She pointed to the potential of the SECâs existing tools, such as âNo-Action Lettersâ and âExemptive Orders,â to quickly establish a more supportive environment for crypto projects.
However, Smith emphasized that Congress must address regulatory gaps, particularly concerning commodities like Bitcoin.
What should the next SEC chair bring to the table? Kristin Smith believes that a deep understanding of the cryptocurrency industry is essential.
We want somebody in there who sees this as one of the signature initiatives for the SEC in the coming years,she asserted.
Public Perception and Adoption
During the interview, Kristin Smith discussed societyâs attitude toward cryptocurrencies. She highlighted a disconnect between surveys commissioned by the crypto industry and independent studies regarding Americansâ trust in and interest in cryptocurrencies.
Regardless of the source, itâs evident that many people are increasingly disillusioned with the current financial system and large tech monopolies. This dissatisfaction is driving them to explore alternatives like cryptocurrencies.
People feel like itâs not working for them,Smith explained.
Cryptocurrencies appeal to individuals by offering greater control and fostering an ecosystem that better aligns with their needs. These are values that resonate strongly with Americans and inspire them to take action.
For example, the Stand with Crypto initiative has already mobilized nearly two million crypto enthusiasts actively engaging with policymakers to advocate for the industry.
Stand With Crypto. Source: standwithcrypto.org
Legislative Outlook for 2025
Kristin Smith expressed optimism about the prospects for cryptocurrency legislation, describing 2025 as a turning point for the industry.
She noted that substantial groundwork had been laid by the previous Congress, including initiatives from both the House of Representatives and the Senate aimed at addressing structural issues in the crypto market and closing regulatory gaps.
The foundation is there,Smith said, emphasizing the need for collaboration between the industry and Congress to craft comprehensive crypto legislation.
She identified key priorities:
- Market regulation
- Stablecoin oversight
- Protecting the right to self-custody crypto assets
- Developing software standards
Kristin Smith says the foundation for future crypto regulation is already in place. Source: YouTube
Smith also highlighted the evolving perception of cryptocurrencies in Washington:
A few years ago, policymakers didnât fully understand it. Their constituents werenât talking to them about it. That has changed.
With growing awareness and anticipated support from the new administration, 2025 is poised to bring significant regulatory advancements, paving the way for innovation and further growth in the cryptocurrency sector.
A shift in Capitol Hillâs approach to crypto. Source: CoinSpectator
Blockchain Association: Year in Review
In 2024, the Blockchain Association took an active role in shaping U.S. cryptocurrency policy. On November 22, the organization sent a letter to President-elect Trump and the incoming Congress, outlining its key priorities for the administrationâs first 100 days.
The priorities included establishing a clear regulatory framework for cryptocurrencies, ending the practice of "debanking" crypto and blockchain companies, appointing new leadership at the Securities and Exchange Commission (SEC) and the Treasury Department, and forming a crypto advisory council to facilitate collaboration with Congress and federal agencies.
The Association also marked a significant legal victory in mid-November when the U.S. District Court for the Northern District of Texas ruled that the SEC had overstepped its authority under the âdealer rule.â This decision, supported by the Blockchain Association and the Center for Financial Accountability and Transparency (CFAT), was seen as a major win for the industry.
Additionally, the Blockchain Association announced the Blockchain Associations Policy Summit, scheduled for December 16â17 in Washington, D.C. The event aims to bring together lawmakers, regulators, and industry leaders to discuss the future of U.S. cryptocurrency policy.
Throughout the year, the Blockchain Association stood as a leading advocate for the crypto industry, driving forward national policies and regulatory frameworks designed to foster innovation and economic growth.
Blockchain Association. Source: theblockchainassociation.org
Kristin Smith: Speaker Profil
Kristin Smith, CEO of the Blockchain Association, focuses on advocating for government institutions to establish a regulatory framework that fosters innovation and supports the growth of the cryptocurrency sector.She holds an MBA in Finance from NYUâs Stern School of Business and a masterâs degree from Georgetown University.
Smith has extensive experience in legislative processes, having held key positions in both the U.S. House of Representatives and the Senate. This background has provided her with deep insights into policymaking and the ability to build strong relationships with top policymakers.
In addition to her work in the public sector, Kristin has substantial experience in the private sector, where she has represented the interests of companies in the tech industry.
Kristin Smith. Source: theblockchainassociation.org
