Kristin Smith
@KMSmithDC
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CEO @BlockchainAssn
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Joined February 2014
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1/ Attention US Senators - curious how this obscure, little industry called “crypto” has been able to be so effective in Washington this past week? Let me explain to you crypto’s 3 SUPERPOWERS...
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Dear US Senate - Meet
@elonmusk
and his 58.9 million followers.
@brian_armstrong
@MarkWarner
Agreed, this is not the time to pick technology winners or losers in cryptocurrency technology. There is no crisis that compels hasty legislation.
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END/ Vote YES on Wyden. Vote NO on Warner.
Crypto. Here for good.
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1/ Tonight, I received a letter from Sen. Warren criticizing a recent letter to Congress cosigned by dozens of former US military, intelligence officers, and national security professionals.
Here’s the letter from Nov. 15:
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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1/ Dear Senators, still confused about why the
@markwarner
amendments (yes, all 5 of them) fall short of fixing the
#crypto
provision in the
#infrastructurebill
? Here are 3 things you need to know.
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1/ If you’ve been paying attention the past few weeks, there’s a lot of evidence of a bipartisan vibe shift on crypto. Contrary to the media narrative that pushes a polarized split on the issues, here’s what I’ve seen…
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3/ But it also includes the thousands of individuals & businesses contributing to network operations. Unlike traditional financial services & Internet platforms, crypto networks are built, operated & maintained by a COMMUNITY of participants.
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4/ SUPERPOWER
#2
: Crypto mobilizes fast. The community is very active on Twitter. The industry is used to fast-moving developments & knows how to share info with large audiences quickly. And it’s not just developers on the network - it’s celebrities w/ big followings.
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5/ SUPERPOWER
#3
: HODL. This is a community built to withstand chaotic markets and “hodl” (yes, that’s how we spell it) assets in the face of knee-weakening volatility. That same energy and determination has now been turned to politics, which should be interesting...
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7/ It’s worth listening to the crowd. They are rallying behind the Wyden/Lummis/Toomey amendment because it protects the community of operators who don’t have customers or access to customer information that the
#infrastructurebill
is asking them to report.
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6/ So that’s why the community has been able to cause such a stir this week.
It will not stop here... this is a smart crowd of doers who like to *take action.* The community is getting smarter on politics (and has a long memory). This is only going to get more intense.
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So technically it's not over... if
@SenShelby
changes his mind between now and the final vote on the bill (likely tomorrow morning), they could try again. That being said Shelby is known for being a pretty stubborn guy.
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1/ Yesterday was deadline day for Biden’s executive order on crypto.
Here’s how we were involved in the process…
🧵
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Just unfollowed SBF on Twitter. Felt good. Excited to move forward. Lots of work to do.
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“This has definitely been a wake-up call to crypto. But on the flip side, I think Washington is starting to see that crypto is more of a force than anybody ever anticipated.”
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1/ We just responded to Sen. Warren’s 12/18/23 letter, which put forward misleading ideas about exactly why and how former national security, law enforcement, and defense officials are working with crypto companies…
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1/ Crypto is here for good. This year tested us – macro conditions; project failures – but the industry is building & will emerge stronger than ever.
As I look ahead to 2023, I’m optimistic we’ll finally see a much-need LEGISLATION for
#crypto
. Here are 5 REASONS WHY:
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It’s 2022. If you’re a policymaker and you’re not yet open to learning about crypto, you’re probably on the wrong side of history.
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END/ So…. we urge you to support the
@ronwyden
-
@senlummis
-
@sentoomey
amendment and oppose the
@markwarner
amendment. Keep crypto innovation here in the US.
Crypto. Here for Good. (I promise you it really is.)
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I’m off to San Francisco to talk about blockchain, politics, and the
@eToroUS
launch with
@yoniassia
,
@bradleytusk
,
@howardlindzon
, and
@APompliano
!
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3/ As Americans, we all share the common goal of fighting terrorism and protecting our national security. Sen. Warren should focus her efforts on the perpetrators, not those working hand-in-hand with U.S. law enforcement to catch bad actors.
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I’m excited to have
@Ripple
join the
@BlockchainAssn
and to have
@michellebond111
join the board. If we’re going to win in Washington, the industry must work together.
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2/ In short, Sen. Warren’s letter questions former military and law enforcement participation in our industry and their involvement in the Nov. 15 letter to “undermine” her efforts to drive American crypto companies offshore through unworkable and misguided legislation.
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4/ The industry is eager to engage on policy issues.
Last month, we invited Sen. Warren to our annual Policy Summit in DC – just one mile from her office – w/ a genuine invitation to speak with our industry directly.
We were hopeful that she would join us, but she didn’t.…
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1/ We have a path, but it’s incredibly narrow. It’s a 2-step process. First, we need the negotiating parties (Wyden-Lummis-Toomey and Portman-Sinema) to reach a deal. Second, we need no Senator to object to the adoption of the deal. This won’t be easy, but there is a path.
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2/ FIRST: *Crypto networks are operated by the community, not companies.* Yes, there are companies that support these networks, but the real work is done by unaffiliated network participants.
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Agreed! This amendment is terrible. Senators need to vote NO on the Warner amendment and YES on the Wyden amendment.
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9/ So for all of these reasons, the crypto industry & broader crypto community are rallying for the
@ronwyden
-
@senlummis
-
@sentoomey
amendment. It protects validator innovation, protects software developers, & focuses the reporting requirements on those who can & should report.
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7/ What you need to know is that there are dozens of validation protocols (proof of work, proof of stake, proof of space time) & many more yet to be invented. The
@markwarner
amendments pick winners and losers, rather than the market. The government shouldn’t stop innovation….
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5/ Our community – those that build the technology and those that use it – is strong and passionate and includes people of diverse backgrounds and experiences. Today’s letter is yet another disappointing step taken by Sen. Warren to discredit our industry and the individuals who…
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@jerrybrito
What about consensus mechanisms that haven’t been developed yet 🤔 how do we write those in there? Does
@MarkWarner
want the innovators to stop developing in the US?
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# of congressional hearings on DeFi: 0
# of CFTC public meetings on DeFi: 0
# of fed reports with focus on DeFi: 0
We need open discussion and debate before locking in a framework that regulates the next generation of financial infrastructure.
#DeFi
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end/
@BlockchainAssn
and our members will continue to constructively engage in Washington, educating our policymakers and participating in the legislative process, so that the crypto community can continue to build the technology that will reform the legacy systems that Sen.…
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Members of Congress, please read this blog post before considering any action in response to the incorrect
@WSJ
article on crypto and Hamas.
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3/ This means there isn’t a big corporation hiring a bunch of software developers, writing proprietary software, and investing in hardware to offer an online service.
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10/ This type of policy shouldn't be rushed or forced into must-pass legislation. We’d love to start back at square one… but instead we find ourselves here.
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5/ And by using this “decentralized” model, the services offered are more transparent, efficient, and secure. All good things!!
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4/ Instead, individual developers (computer coders) work together on open-source software (meaning anyone can contribute to the code) to update a shared database stored on a network of computers.
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8/ THIRD: *Software developers don’t have customers.* This is another problem with the current bill and
@markwarner
amendments - it would allow the IRS to put individual software developers on the hook for reporting what other people do with their software.
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Congrats
@bgarlinghouse
and
@s_alderoty
. Thank you for all you'e doing for the entire crypto ecosystem. And for helping to make my job a lot easier too.
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6/ SECOND: *Validation protocols, of which there are many, are the key feature of crypto networks that allow individual participants to agree upon a common database.*
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PS/ A few have asked for her letter. You can find it here:
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end/ These good examples do not mean that crypto enjoys diamond-plated support across the political spectrum. It does mean that those who want to learn/engage/support are finding the lanes to do so.
Progressive, libertarian, moderate, conservative, liberal. Everyone’s welcome.
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4/ There’s healthy legislative bipartisanship in the House too. Last week
@RepTomEmmer
led a group of 4 Rs + 4 Ds in sending a letter to the SEC imploring the agency to not stifle innovation by imposing onerous reporting reqs on crypto companies:
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1/ There has been a tremendous amount of confusion over the past few days regarding what Treasury may or may not be doing re: crypto regulation and enforcement. Here are the facts + a theory over the source of confusion.
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1/ 🚨 We're in the homestretch of the effort to block the anti-crypto bill being considered in the NYS legislature…but we're not out of the woods yet.
We’re asking pro-tech NYers to make your voice heard here or by calling your NYS senator @ 518-455-2800
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Great to see
@DenelleDixon
and the
@StellarOrg
team at the
@protocol
breakfast on crypto and sustainability.
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Yes!!! Well done
@s_alderoty
and team.
Welcome to O̵f̵f̵i̵c̵e̵ After Hours with me! Let’s clear up this confusion about securities, investment contracts and digital assets.
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Check out my letter in today's
@WSJ
. Crypto *can't* be banned - nor should we even be considering the idea.
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2/ Last night
@Politico
(+
@grayscale
) hosted “Regulating the Digital Gold Rush” w/
@SenLummis
+
@SenGillibrand
.
Lots of folks know Lummis’ bonafides on crypto. Adding Gillibrand to the mix, with the goal of creating a pro-innovation reg framework is a big deal.
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1/ Transformative isn't a word you hear often from govt officials talking about crypto…but
@SecYellen
defined her view on digital assets that way in a speech today. A mini-thread on the growing “responsible innovation” crowd (and what BA is doing to cultivate that constituency)
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5/ After Biden’s crypto EO, we’re keeping an even closer eye on the federal agencies and regulatory bodies. That’s why I was happy to see this reserved but bullish by govt standards remark from
@SecYellen
this morning:
"I have a little bit of skepticism," says
@SecYellen
on
#crypto
. "On the other hand there are benefits from crypto and we recognize innovation in the payment systems can be a healthy thing,"
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1/ This week was a milestone for the American crypto industry, and for the promise of real progress on the path toward a workable regulatory framework in the U.S.
A couple quick thoughts + what comes next…🧵
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1/ It’s going to be a big week for crypto in Congress.
Let’s look at Wednesday’s action first. Two important committees (House Financial Services and House Agriculture) will discuss + consider amendments to two bills that are critical to the American digital asset ecosystem.
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3/ The NY House delegation is involved too. If you haven’t read
@RepRitchie
op-ed making the liberal case for crypto, pls do.
This isn’t some pie-in-the-sky vision for a progressive paradise, these are real solutions to problems being developed rn:
Crypto is the future.
It could enable the poor to make payments & remittances without long delays and high fees.
It could enable artists & musicians to earn a living.
It could challenge the concentrated power of Big Tech & Wall Street.
My Op-Ed:
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1/ 🚀 We’re launching a PAC. Why?
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MYTH: Crypto is the unregulated "wild west."
FACT: Crypto is regulated.
My take in
@MorningConsult
on why further regulatory clarity will ensure American crypto leadership.
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The law is on our side.
It took a legal challenge to get the ETF approvals yesterday. It shouldn’t be this way, but it is.
Thank you
@sonnenshein
,
@craigsalm
&
@barrysilbert
for putting the time & resources into this fight. We all owe you one.
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1/Why is the IRS planning to target software developers?
Quick thread on an issue that’s been brewing for 2+ years, and what you can do about it…
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Agreed. This is not another infrastructure situation. We are having a constructive dialogue with decision makers who are open to input. More work to do, but way better than the situation in August.
It was a busy but productive day. After a few good conversations, I'm optimistic that today's legislative situation will end up fine. Don't lose any sleep over it tonight.
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end/ Regulation is coming. We have been on the front lines trying to guide it in the most pro-crypto way possible. We wait for the administration to make its case.
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This afternoon, we expect the sponsors of the compromise to ask unanimous consent (UC) to adopt the new language in the underlying bill. We need to make sure that no Senator objects! Let them know you want to see the compromise adopted! It's not perfect, but better than nothing.
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Here’s the letter we sent to Congress on the crypto provision in the
#infrastructure
bill.
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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6/ And I know that many in the crypto community are frustrated with the media’s POV, but the coverage is (on average) improving—and increasing. You can have issues w/ how they approached it but it’s meaningful NYT dedicated an entire section to crypto:
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The White House Correspondents’ Dinner Weekend in DC is a great opportunity to hobnob with the glitterati.
#WHCD2022
@NeerajKA
@fintechfrank
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@twobitidiot
@jchervinsky
@NeerajKA
The Senate can do almost anything by unanimous consent (UC). So if there is a deal, we could see a compromise incorporated. So it’s not over yet.
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We never would have gotten here without
@DCGco
’s longstanding commitment to building a presence in DC. Thanks
@murphmarkd
and
@BarrySilbert
for realizing that we needed to engage years ago.
Amazing to see our industry get this kind of coverage in the Sunday Post. So much work still ahead but thank you
@BlockchainAssn
@KMSmithDC
@coincenter
@jerrybrito
@RobinWeisman
@NeerajKA
@izzysk
& many more for keeping up the fight 💪
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1/ The long awaited President’s Working Group (PWG) report on stablecoins was released this afternoon
Here’s the full report:
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1/
@Blockchainassn
and its member companies believe that the status quo financial system & internet does not work for millions of ppl and crypto offers a better way. If we are *passionate* to make our case, that’s a feature not a bug.
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1/ A not *so* gutsy crypto 2022 prediction: political giving by our industry is going to spike in a major way…
…but we’re not close to the proper level yet and I want to persuade you to get involved if you aren’t already.
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7/ Re: Commerce, we focused on strengthening U.S. competitiveness in the digital asset economy. We say this a lot, but crypto has handed the country a 100-year cheat code to maintain our global lead in financial technology. We can’t waste it.
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This is an incredible milestone for our industry. Thank you to Chairman
@PatrickMcHenry
,
@RepFrenchHill
,
@WarrenDavidson
, and
@GOPMajorityWhip
Tom Emmer for their leadership on this bill. We look forward to tomorrow's House Agriculture markup.
#PASSED
: In a historic first, the House Financial Services Committee just advanced the BIPARTISAN FIT for the 21st Century Act to protect consumers and provide clear rules of the road for the digital asset ecosystem.
Up next:
@HouseAgGOP
considers the legislation tomorrow.
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Hi frens. I’m being detained at the Liberia airport in
#CostaRica
after a vacation at
@AUBERGERESORTS
Hacienda Alta García &
@FourSeasons
Papagayo Peninsula. We’re told we can’t leave until tomorrow & need to sleep here at the airport. No food or water. Help
@usambassadorcr
.
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CONGRATS
@ronwhammond
! We’ll miss you on Capitol Hill, but I’m so happy that you’ll continue to be a part of the fight to get good legislation that will allow the US to be the leader in crypto.
@ripple
is smart and lucky to have you on board.
Excited to announce that as of today, I am the new Manager of Government Relations for
@Ripple
! Thrilled to bring all of my legislative experience, including crafting the Token Taxonomy Act, to the team. Special thanks to
@michellebond111
and
@s_alderoty
for this opportunity!
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I agree with Jerry. This isn’t perfect, but better than the underlying bill. More work to do, but the Senate should move to adopt this language today.
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1/ Friends in the crypto community... It’s been quite a week in Washington!
@BlockchainAssn
team is working hard with our allies to change poorly-crafted language in the
#infrastructurebill
that would put unworkable IRS reporting requirements on non-custodial entities.
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1/ We’re t-minus ~7 months till election day, and the digital assets industry is at a political ATH…here’s how I see things right now 📜
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Washington politics prevailed over common sense….
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🙋♀️Even though FTX was never a member of
@blockchainassn
, I was threatened on his behalf that Sam would call the CEOs of my member organizations to get me fired for not supporting his legislative agenda…
Looks like I’m in good company.
29/49 In response, I was threatened on Sam’s behalf that I would be fired and that Sam would destroy my professional reputation. I was instructed to formally retract what I’d written and to deliver an apology to Sam that had been drafted for me.
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Tune into the Senate floor at 3:30pm - that's when I'm told we'll see a request to adopt the amendment by unanimous consent. Will anyone object?
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Very well written explanation on why progressives should take a second look at bitcoin.
Just wrote an open letter to Senator Warren about Bitcoin
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🚨 Big news from the
@USOCC
on stablecoins. Bottom line: banks can hold fiat-backed stablecoin issuers’ reserve deposits.
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@BlockchainAssn
has been working with policymakers in DC long before
@SBF_FTX
showed up and will continue this work for as long as it takes to get good policy for
#crypto
.
We will clean up this mess.
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Congrats
@DenelleDixon
and the
@StellarOrg
team!
It's official:
@DenelleDixon
announces the launch of
@MoneyGram
and
@StellarOrg
's crypto-to-cash service.
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I am *thrilled* to have
@jchervinsky
and
@dfgrimaldi
join our super-talented and hardworking team. We have much work to do & with their help we will be on course to get the good public policy the industry needs. 🚀🚀🚀
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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4/ Re: OSTP + mining we explained that while this uses a meaningful amount of energy it *also* contributes in a big way to the shift to renewables in the U.S.
Let's think on how crypto can be part of the solution rather than only focus on the "problem."
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end/ Lesson is: beware the ALL CAPS tweets from suspect accounts. Instead, get to know the actual financial system bodies who can and do shape the regulatory game.
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If anyone should be the subject of hero worship, it’s John Ray III. This guy is tasked with cleaning up the biggest corporate messes in history and sounds like he hasn’t slept in weeks. Thank you Mr. Ray for your hard work and for helping to set the record straight.
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Sure beats last year at this time when I was scrounging for funds to hire lawyers so we could sue the Treasury Secretary for trying to kill self-hosted wallets in a midnight rulemaking.
Memes aside, all of our crypto reps did a phenomenal job in DC today
Years in the future, today will be looked back at as a watershed moment for crypto and Web3
Can’t wait to reminisce from my private island
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Or maybe we need to just encourage innovation in crypto networks. New developments in open source technologies are usually the fix for tech monopolies - not government intervention.
Part of the problem is not just that Facebook is huge and powerful—it's also that they have enormous political influence in Washington. Their voice is heard louder in these halls than the voices of most Americans. We need to break up Big Tech.
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… last week was “a game-changing moment” for the cryptocurrency industry because it showed lawmakers how big the community is…
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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,”
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This is a very big deal.
U.S. House committee to vote on crypto, stablecoin legislation in July
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