“This past week’s fire drill is directly related to the industry’s failure to be fully plugged in to the public policy process,” said Michelle Bond, CEO of the Washington-based Association for Digital Asset Markets, a self-governing association. Bond called the grassroots efforts “nothing short of spectacular” but said the industry needs to better collect intelligence to catch similar provisions earlier in the process.
Smith of the Blockchain Association said her trade group will try to use the firestorm over the crypto provision to get more lawmakers engaged on their industry’s issues.
“You’ll see in the months ahead a tremendous amount of money come into this space,” Smith said. “Hopefully next time we won’t find ourselves in a last-minute scramble.”
This article was provided by Bloomberg News.