Looking back at the state of crypto regulation in 2023, Blockchain Association Director of Government Relations Ron Hammond explains why the Binance case was the most pivotal moment of the year for him despite the highly-anticipated FTX drama.
We knew the FTX uh drama was going to play out all the 2023. Uh We thought that probably the trial will be actually more the highlight of the year, but Binance was always that kind of uh last shoe to drop. Uh There was a lot of folks in DC who have been talking for quite some time uh about the concerns with Binance. Uh the fact that they were offshore, the fact they mimic very much similar actions of FTX, uh the potential chance that they're involved in money laundering and sanction invasion. And I think we've kind of seen it all come to head here uh in DC with the recent DOJ and other agency enforcement actions uh on B and CZ himself. Uh and it kind of seems at least here in DC that a lot of the bad actors at this space uh was having is starting to clear out and we're starting to see that in Congress as well. Uh We're seeing a lot of folks saying, ok, we've got rid of all the scamming folks. We've learned our lessons. Uh Let's move forward legislation because it looks like the regular isn't coming any time soon, especially from the SEC. So uh there's an impetus for Congress to move. Uh But at the same time, uh there's a lot of folks saying, well, kind of similar to FTX May is buying, saying it should have been a pause in the industry as a whole. Uh But I think especially recently and especially the potential bull run that's happening. Uh Right now uh that there is that notion that crypto is here to stay. And I think that uh regulation is needed and DC is finally waking up.