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The State of Play: Unpacking crypto policy progress in Washington, D.C.

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2023 saw an unprecedented wave of regulatory actions around cryptocurrencies around the world, but nowhere was the change more noticeable than in the United States. Preceded by an opening salvo in August 2022, when the Treasury Department applied sanctions to the Ethereum coin mixer Tornado Cash, 2023 saw clampdown after clampdown, from multiple SEC suits against central exchanges, criminal charges against developers, and even a guilty plea from the industry’s most prominent public figurehead.

The message is clear: any lingering doubts about the U.S. government’s willingness to intervene in the industry have been put to rest. Now, as we enter the new year with cries for regulatory action growing louder on both sides, 2024 is poised to be a watershed year in crypto policy—for better or for worse.

To further gauge the state of play, CryptoSlate spoke with Nilmini Rubin, the Chief Policy Officer at Hedera, whose current work places her in a unique position to offer insights. With a career that reaches from the halls of Congress to the West Wing itself, Rubin’s extensive experience in policy-making and technology implementation places her at the confluence of blockchain technology, policy, and global market trends.

Conversations

As a party to a variety of conversations on the Hill, Rubin provided some insight into the concerns lawmakers have, which are many and varied. “Some [policymakers] are just interested in learning about the basic technology,” she says. “Others want to dive into the deepest parts of the technology and the policy implications,” she continues, explaining further that concerns range from national security, business opportunities, environmental implications, and more.

The global perspective, Rubin notes, seems different. “They are looking at it from a very different framework. It’s more [about] what are the benefits generally, and how do we mitigate the risks?” This approach, common outside the U.S., reflects a broader, more

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Author: Jacob Oliver

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