The crypto industry is actively engaging in a battle against legislators and policy makers in the US, especially against the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler and Senator Elizabeth Warren of Massachusetts. This was declared by Kristin Smith, CEO of Blockchain Association during a panel discussion at Consensus 2021.

The Digital Asset Anti-Money Laundering Act (DAAMLA) proposed by Warren has been met with wide criticism in the crypto industry. Compared to the extreme opposition, Smith expressed that the pro-crypto "army" is putting in its effort to fight back. He says that there has been a decrease in the number of co-sponsors of the legislation due to the complete effort of the pro-crypto lobbyists and other groups.

Smith believes that war against policy and lawmakers is likely to last for the next 18 to 20 months. But the good news is that he is certain that the struggle will end eventually. The SEC Chairman Gensler has released a video criticizing the crypto sector, however, Smith sees no reason why the US lawmakers should not support Sen. Warren's crypto bill. He added that with the rising trend of digital currencies, it is necessary to take measures and introduce legislations to control their use.

There is no doubt that the fights for and against cryptocurrency will most likely increase within the 18-20 months suggested by Smith. It is also quite clear that the war cannot last endlessly and at some point, a mutual agreement must be reached by both the pro-crypto advocates and US lawmakers. The blockchain industry understands the need for regulations and is ready to align itself according to the agreed conditions so that cryptocurrencies can be safely used by people around the world.



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