The Ondo Summit in Manhattan discussed crypto regulation and legislation, acknowledging that there is still much work to be done in these areas. Former Congress member Patrick McHenry highlighted the lengthy process of confirming SEC chair nominees and drafting and passing legislation. He stated that a crypto bill could potentially be signed as early as July 4 or it could take up to 18 months. McHenry encouraged the industry to engage with Washington, as he believes it is now safe to do so. Franklin Templeton's Sandy Kaul emphasized the need to be open-minded and willing to disrupt oneself while also taking regulators on a journey to gain their trust. CFTC Acting Chair Caroline Pham mentioned the agency's plans to bring in crypto market structure experts as senior advisers and emphasized the industry's need for a reasonable approach to avoid squandering the opportunity for clarity. Pantera Capital founder Dan Morehead noted that the industry is still hesitant to embrace the friendlier invitations to engage. McHenry stressed that it is crucial for the industry to take advantage of the current momentum and not miss the window of opportunity for positive legislative or regulatory action in the next 18 to 20 months.



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