Blockchain Association
@BlockchainAssn
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The collective voice of the crypto industry. The industry is hiring.
Washington, DC
Joined August 2018
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Pinned Tweet
Today, BA and CFAT filed a suit against the SEC asking the court to strike down their arbitrarily applied and unclear Dealer Rule expansion. This rule stifles innovation, harms the burgeoning digital asset industry, and emboldens the SEC to lead by unwritten rules and guidance.…
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"With such clear bias, and such dereliction of the basic tenets of due process, the agency cannot fairly supervise the digital assets industry...it’s time for Chair Gensler to recuse himself," writes
@MTCoppel
for
@FortuneCrypto
.
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1/ Today we announced we filed an amicus brief supporting a correct interpretation of Howey in the SEC’s two-year legal battle against
@Ripple
.
A judge now has the opportunity to issue a substantive opinion on how Howey applies to digital assets.
Here's what's at stake🧵🧵🧵
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🚨URGENT. Senators Warner and Portman are proposing a last-minute amendment competing with the
@RonWyden
-
@SenLummis
-
@SenToomey
amendment which would be disastrous for the US
#crypto
ecosystem. Save
#crypto
. Vote YES on Wyden-Lummis-Toomey amendment.
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1/ TODAY: we sent FOIA requests to the following govt agencies, seeking info on the potential de-banking of lawful crypto business:
FDIC
Board of Governors of the Federal Reserve System
and the OCC
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🚨 1/ The NYS legislature is preparing to ban PoW mining…we’re calling on all pro-tech, pro-innovation, pro-crypto NYS residents to make their voices heard. 🚨
Tweet and email your assembly member via the link below 👇
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1/ Today, Blockchain Association filed an amicus brief in support of Tornado Cash in OFAC’s case against the autonomous, decentralized software program.
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1/Yesterday we submitted a letter strongly urging the SEC to approve NYSE Arca’s application to convert Grayscale's BTC Trust to an ETF.
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1/ Today, the SEC released an order disapproving
@vaneck_us
's proposal for a spot bitcoin ETF. We're disappointed by the SEC's continued refusal to give investors access to a spot bitcoin vehicle and strongly disagree with the decision.
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The “Digital Asset Anti-Money Laundering Act” would impose sweeping surveillance and registration requirements on almost all participants in blockchain networks...a disaster for digital privacy and civil liberties," writes
@MartaBelcher
for
@CoinDesk
.
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1/ The NY State Assembly is considering a bill *today* that would enact a 2 year ban on proof-of-work crypto mining in the state.
This is a de facto death sentence for crypto mining in NY and a terrible message to send to the crypto industry that NY is closed for business.
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We are proud to stand with more than 100
#crypto
ecosystem stakeholders in support of the
@RonWyden
-
@SenLummis
-
@SenToomey
Amendment in the infrastructure bill. Save privacy. Save innovation. Save crypto.
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1/ Today we filed an amicus brief supporting
@Grayscale
in its suit against the SEC for rejecting its spot Bitcoin ETP application.
We're proud to take this momentous step supporting the crypto industry to provide American consumers greater access to these innovative products.
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Today, a coalition of digital asset industry companies and entrepreneurs with U.S. military and national security backgrounds sent a letter to members of
@SenateBanking
@BankingGOP
and
@FinancialCmte
@FSCDems
to address and clarify misperceptions about illicit finance and money…
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.
@BlockchainAssn
is proud to welcome
@staratlas
as its newest member, a leader in the next-gen gaming metaverse.
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The choice is crystal clear.
YES on Wyden/Lummis/Toomey; NO on Warner/Portman.
Here's how to make the case against this last minute crypto-killing provision:
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8/ We joined the fight with an amicus brief today to support our growing crypto ecosystem.
No regulatory agency should unilaterally regulate crypto with outdated standards. Instead, it's time for Congress to define a clear regulatory framework to guide the industry.
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1/ FinCEN’s deadline for comment on proposed regulation for “unhosted wallets” is Jan 4.
This is a wildly unreasonable window to review a rule that would be so consequential.
We’ve retained former Solicitor General Paul Clement to prepare a challenge to this process.
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1/ With the
#InfrastructureBill
moving to the House, we’d like to thank everyone who fought the good fight for a
#crypto
provision fix.
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2/ For years now, the SEC has chosen to target crypto through a "regulation by enforcement" pattern.
Rather than working toward joint solutions with industry members, they've instead sought to punish crypto companies with foggy and haphazard justifications.
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The
#BAPolicySummit
kicks off tomorrow with an all-star panel on our members-only day featuring
@iampaulgrewal
,
@s_alderoty
and
@CraigSalm
: “Litigation Update and Industry Impact”
@Coinbase
@Grayscale
@Ripple
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3/ In December 2020, the SEC did just that to Ripple, suing the company for trading a digital currency without registering the token as a security, despite the SEC’s lack of guidance on the issue.
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4/ Since 2019, the SEC has regulated how U.S. securities laws apply to digital assets through enforcement actions rather than guidance or rulemaking.
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1/ This week's hearing w/ SEC chair Gensler has re-sparked a false narrative: that crypto is a partisan issue.
D.C.’s reflexes may make it seem that there is a big divide on the promise of this tech, but beyond a few well-known partisans, we think crypto enjoys wide support.
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6/ Rather than settle, Ripple is fighting back through our judicial system. What this means is that a judge will soon rule on the issue.
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The debate continues. The vote approaches. Join the fight.
Call your Senators to tell them you support the
@RonWyden
+
@SenLummis
+
@SenToomey
amendment to save crypto.
📞517-200-9518
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End/ Our full release:
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🚨 1/ Tomorrow, May 2 at 1 PM EDT, Members of the New York Legislature, crypto industry leaders, and local worker’s advocates will hold a press conference to urge the state Senate and Gov. Kathy Hochul to reject a proposed two-year moratorium on crypto mining. 🚨
More details 👇
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5/ Often, SEC enforcement actions end in one-sided settlement agreements rather than judicial opinions that factor in the unique facts presented to the court by both sides.
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7/ Should the court adopt the SEC’s version of the law, the landscape of assets falling under the SEC’s jurisdiction will expand beyond how the Supreme Court intended in Howey.
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The
@BlockchainAssn
implores Congress to reevaluate the language in the
#Infrastructurebill
around the enhanced reporting for brokers and digital assets. Keep the US the leader in
#crypto
innovation.
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Today's news is more of the same from the SEC: regulation by enforcement directed at a law-abiding US company.
Blockchain Association stands in support of
@brian_armstrong
and the entire
@coinbase
team.
1/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.
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"Do we really want to hand over 1 million developer jobs and 3 million other high paying jobs to overseas jurisdictions, simply because we can't get our act together in the United States?"
-
@iampaulgrewal
@coinbase
#Mainnet2023
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Welcome
@Ripple
+
@michellebond111
to the team! Glad to have you on board as we work towards the right regulatory regime for the open blockchain economy.
Hello, Washington D.C.! We have expanded our global regulatory team with an office right in the heart of the city.
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1/ We are excited to announce the addition of two new members to our team joining us as Executive Vice Presidents; Jake Chervinsky (
@jchervinsky
), Head of Policy, and Dave Grimaldi (
@dfgrimaldi
), Head of Government Relations.
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1/ A quick update on the NYS anti-crypto bill:
It passed the Assembly tonight. An unfortunate outcome, but we’re grateful to the champions who advocated for a rational, progressive, and innovative approach to crypto in NY.
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Thank you
@SenToomey
and Sen
@RonWyden
for prioritizing clear language around
#crypto
in the
#InfrastructureBill
. Your leadership will keep the US at the forefront of crypto innovation!
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“Chair Gensler’s testimony perfectly reflects the SEC’s approach to the crypto economy: confusing, unclear, opaque, and ultimately blind to the harm its regulation by enforcement strategy is doing to lawful companies in this country."-
@KMSmithDC
for
@WSJ
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1/
@BlockchainAssn
Exec Dir
@KMSmithDC
released the following statement after Senators
@SenToomey
,
@MarkWarner
,
@SenLummis
,
@SenatorSinema
, and
@senrobportman
proposed a compromise amendment to adjust language in the $1 trillion
#infrastructurebill
:
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Pleased to say we've added
@benmelnicki
/
@Ripple
as a co-chair of this vital working group.
Clear securities laws are vital for the future growth of the blockchain economy in the US.
To push these goals we're launching the Securities Law Working Group chaired by
@GeorgiaQuinnEsq
/
@CoinList
@ianjdarrow
/
@protocollabs
+
@craigsalm
/
@GrayscaleInvest
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We disagree with Chair Gensler that most digital assets are securities – and we firmly believe this is a matter for Congress rather than regulators.
@JChervinsky
sums it up for
@WSJ
:
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Today
@POTUS
will sign an Executive Order calling on federal agencies to unify their approach towards the crypto industry and to support US tech leadership.
We welcome this approach and are ready to collaborate with agencies on behalf of the industry.
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👏Proud of this bipartisan effort by
@RepTomEmmer
,
@RepDarrenSoto
,
@WarrenDavidson
,
@RepAuchincloss
,
@RepDonaldsPress
,
@RepJoshG
,
@RepTedBudd
, &
@RepRitchie
regarding SEC’s crypto info seeking process. These champions are ensuring the US remains a crypto innovation leader.👏
My office has received numerous tips from crypto and blockchain firms that SEC Chair
@GaryGensler
’s information reporting “requests” to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation.
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1/ Here’s what’s happening with the proposed
#Infrastructurebill
tax provision and how it targets America’s
#crypto
industry with unworkable reporting requirements.
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1/
@blockchainassn
and its 46 member companies—companies with tremendous expertise in the crypto ecosystem—appreciate the Senate’s ongoing engagement on the digital asset tax information reporting provisions in the bipartisan
#infrastructurebill
.
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4/ Even if the SEC has the law right, it continues to reach the wrong result by holding bitcoin to a higher standard than other commodities like platinum and palladium, which are both SEC-approved for spot ETF listing. There's no valid reason to treat bitcoin any differently.
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#Crypto
#infrastructure
is the infrastructure of the future. Keep crypto innovation—and its benefits—here in the US.
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5/ Since the SEC has already approved a futures-based bitcoin ETF, we strongly believe it should approve a spot ETF as well. We encourage the SEC to give bitcoin the fair and equal treatment it deserves, and hope future ETF proposals receive their due consideration.
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Crypto is here for good.
The UN is sending displaced Ukrainians USDC to convert into local currencies. Made possible by
@StellarOrg
.
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.
@BlockchainAssn
,
@coinbase
,
@coincenter
,
@RibbitCapital
, and
@Square
agree the digital asset provision language in the
#InfrastructureBill
is too broad. We support the amendment introduced by Sen
@RonWyden
,
@SenLummis
, and
@SenToomey
. Our joint statement:
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1/ Any amount of funding that goes to support terrorist activity – in any form – is too much.
We share many of Sen. Warren’s questions – and we think further examination will reveal the limited and dwindling role that crypto played.
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IRS states 6050I–a problematic provision of the infrastructure bill requiring reporting digital asset transactions over $10K–isn't effective until there's more rulemaking. A positive step forward given its impossibility and breadth of reporting required.
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1/ Today, we sent a new letter to Congress, supported by a doubled 80+ coalition of former military and national security professionals urging members to reconsider support for proposed legislation that could cripple the domestic digital assets industry.
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"[T]he Fed's final rule is...the most egregious example of the banking regulators' discriminatory and unlawful efforts to shut crypto out of the banking system.
"The public should — and must — demand better,"
@MTCoppel
writes for
@AmerBanker
.
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1/ Today we submitted our comment to FinCEN’s proposed regulation for “unhosted wallets.” Here’s a few of the most important points and our full response:
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Thank you to
@RepDarrenSoto
,
@RepRoKhanna
, and their fellow champions for working to clarify the overly-broad and unclear
#crypto
tax provision language. With your leadership, the US will remain the world-leader in crypto innovation.
We stand united to ensure more tax certainty for
#cryptocurrency
and work with the IRS on key reforms. Together, we will continue to support innovation and protect consumers.
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“The EPA decision signals that the Supreme Court won’t take kindly to regulatory agencies like the SEC attempting to redraw their own jurisdictional boundaries beyond what Congress clearly intended." -
@jchervinsky
@NBCNews
@David_Ingram
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We applaud California for issuing an executive order to study crypto and digital assets. Industry is eager to collaborate with government on commonsense rules for industry to allow California–and the United States–to lead in crypto innovation.
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1/ “I spent all my early life in poverty…as a policymaker, I think about how to use all technology to reduce racially-concentrated poverty.”
@RepRitchie
sharing how crypto is here for everyone as he sits down with
@MartaBelcher
of
@FilFoundation
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1/ FinCEN just released a proposed rule on ”Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets”
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2/ VanEck proposed an ETF that would hold actual bitcoin rather than expensive futures contracts that track bitcoin's price. Most experts believe this type of product is better for investors than the already-approved futures ETFs, because it’s less complex and incurs fewer costs.
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1/ Blockchain Association is pleased to announce the 2023-24 board of directors. The board brings a diverse set of experience and knowledge as the Association continues its work to inform and advocate for pro-crypto legislation and regulatory policies.
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1/ Sen Warren sent a letter to Reps McHenry & Waters which argues “new regulatory frameworks around the $157B stablecoin market…could amplify and entrench…risks rather than mitigate them.”
That's backwards thinking – properly drafted stablecoin legislation helps, not hurts.
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1/ The following statement is attributed
@KMSmithDC
following today's Economic Report of the President:
“Today’s Economic Report of the President from the Biden administration is disappointing. While other countries are increasingly receptive to the burgeoning crypto industry...
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1/
@BlockchainAssn
Exec Dir
@KMSmithDC
released the following statement after the Senate failed to reach unanimous consent to pass the Toomey-Warner-Lummis-Sinema-Portman compromise to avoid harmful, unintended consequences for American innovation:
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The following statement is attributed to
@KMSmithDC
in response to today's settlement between the SEC and Kraken:
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5/ This fight isn’t over.
If they didn't before, Washington now understands the power, passion, intensity and dedication of the crypto community. We plan to continue to fight to keep crypto in the US.
Crypto: here for good.
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1/ 100+ Members.
We launched 4 years ago and have grown our membership to represent the leading investors, companies, projects, & protocols across the American
#crypto
economy.
We’re proud to celebrate their commitment.
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👇
✅YES on Wyden/Lummis/Toomey; ❌NO on Warner/Portman.
I have called
@SenGillibrand
and
@SenSchumer
to ask them to support the
@RonWyden
,
@SenToomey
&
@SenLummis
amendment to the cryptocurrency provision of bill H.R. 3684.
Let’s protect the future of the Internet (DeFi + Web3) here in the US instead of pushing it overseas.
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Cryptocurrencies are infrastructure.
It is really remarkable that of all the provisions in a $1 trillion infrastructure bill — crucial to the nation’s water systems; electric grid; trains; highways/bridges/ports etc — the issue generating the most heat at the goal line is … cryptocurrencies
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We’re proud to stand with
@coinbase
,
@fund_defi
,
@fightfortheftr
,
@coincenter
, &
@theblockfound
for sensible crypto policy and we’re honored to be included in
@Gitcoin
’s advocacy round.
Stay tuned for the official round to launch tomorrow.
1/ The community is clearly fired up about sensible crypto policy. Here’s how to continue the support 👇
1️⃣: Mint a Stand With Crypto commemorative NFT
2️⃣: Add a shield emoji next to your Twitter display name 🛡️
🔗
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"It's critical to note that crypto is more than currency." -
@KMSmithDC
on the promise of Web3 in her testimony before
@HomelandDems
today.
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CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to track all purchases and collect intimate personal details on its citizens. The right to financial privacy is protected by the Constitution. We support the CBDC…
The first anti-CBDC bill in the United States passed out of the Financial Services Committee today! A historical step in defending against an ever-expanding government surveillance state.
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"In each of these cases (Grayscale, Ripple) you're seeing judges all over the country express a healthy dose of skepticism to the SEC's arguments."
-
@iampaulgrewal
@coinbase
at
#Mainnet2023
w/
@KMSmithDC
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1/ Following last month's FOIA requests to investigate the possible de-banking of crypto firms, today, BA submitted additional public information requests to the FHFA and NYDFS.
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3/ It’s not clear that the SEC is applying the right legal standard to begin with. As Commissioner
@HesterPeirce
has explained, the SEC's analysis may be improperly focused on "the attributes of the assets or markets underlying the product to be traded."
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1/ We’re just under a week away from our inaugural Policy Summit. We have a packed schedule of speeches and panels from crypto leaders in Congress, industry, and the Executive Branch talking about important policy issues we’re facing.
Here’s a look at who’s coming:
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1/ Crypto. Here for Good.
Blockchain Association is proud to present Crypto. Here for Good.
This page showcases crypto’s many use cases and all the good that crypto enables.
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1/ The Blockchain Association now has 40 members. We want to tell you about who’s joined the team…🧵
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Today we're launching an important working group: Market Integrity.
The group will work to support public policy that ensures the transparency and fairness of cryptocurrency markets.
Chairs:
@BreMadigan
/
@Ripple
+ Rachel Nelson/
@coinbase
More here:
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11/ Self-hosted wallets are too critical to the crypto ecosystem to be undermined by a midnight rule change by an outgoing Treasury team. We will fight to get the right regulations to ensure the continued growth of the crypto economy.
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1/ Today, Blockchain Association and
@fund_defi
filed an amicus brief in Securities and Exchange Commission vs. Payward, Inc. (Kraken), in support of the Defendant's motion to dismiss.
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The BA Summit will kick off with a bang! We are thrilled
@iampaulgrewal
and
@CraigSalm
are joining us for the opening session at the
#BAPolicySummit
: “Litigation Update and Industry Impact.”
@Coinbase
@Grayscale
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1/ CBDCs present major privacy concerns for everyday Americans, including granting the government the ability to collect intimate personal details on U.S. citizens, and potentially track and freeze funds for any reason.
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Beyond battles with the SEC and market ups and downs, crypto is helping solve some of the world's big problems. Read our latest on how initiatives like
@givecrypto
are working to make a dent in global poverty:
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2/ To our Senate champions:
@RonWyden
,
@SenLummis
, and
@SenToomey
, thank you for leading the charge. You are the heroes to the crypto community and we will all be forever grateful.
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6/The SEC’s use of a double standard to evaluate bitcoin futures ETPs and spot ETPs is not only bad policy, it is in contravention of law. The SEC should approve a spot ETP b/c it hasn’t established material differences b/t futures and spot ETPs to justify different treatment.
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Our statement on today’s reports and summaries from the Biden administration’s executive order on digital assets:
More analysis to come.
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1/ We’re proud to announce that the Association grew to 65 members this year, more than doubling the number of companies, projects, and protocols we advocate for in D.C.
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Thrilled to welcome
@INXLimited
, a leader in trading platforms for digital securities and cryptocurrencies, as the newest member of
@BlockchainAssn
!
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Today oral arguments in
@Grayscale
's case against the SEC to convert $GBTC to an ETF are scheduled to take place. This will have implications for
#Bitcoin
& the entire crypto industry. You can listen live at around 10am ET below:
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Thanks
@WarrenDavidson
and
@RepDarrenSoto
for your pro-innovation leadership! This bill provides much needed regulatory certainty for public blockchain technology.
SCOOP: Lawmakers are introducing a bill to change the SEC’s 72-year old securities definition to exclude
#cryptocurrencies
... a sign Congress is taking the industry seriously and if it passes, massive news for
#crypto
Read more:
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1/ Today, BA filed an amicus brief in United States v. Storm, highlighting a critical flaw in the government's prosecution of Tornado Cash developers Roman Storm and Roman Semenov.
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