- The public’s sentiment toward cryptocurrencies is improving.
- Five SEC commissioners will face Congress in an ongoing hearing.
- Regulation has affected the crypto industry’s development in the US.
DeFi Educational Fund’s Chief Legal Officer Amanda Tuminelli believes the sentiment toward cryptocurrencies is getting better, with more people feeling positive about the technology. Tuminelli shared this view during a Thinking Crypto podcast while answering questions about the recent Congressional hearing on DeFi in the US.
Tuminelli attributes the increasingly positive sentiment toward crypto to the growing number of builders in the crypto space, many of whom are developing valuable products. She emphasized that such builders are not only developing projects but also becoming more vocal.
While she wasn’t sure whether there would be more DeFi hearings in the future, Tuminelli thinks that would be a positive development. She also pointed out that other hearings are ongoing, such as those involving the SEC and their regulation by enforcement. She stated that all five SEC commissioners will appear before Congress and answer specific questions.
Read also: DeFi Takes Center Stage in First-Ever Congressional Hearing
Impact of Crypto Regulation
It is important to recognize how significantly crypto regulation has affected the industry’s development in the US. Many crypto establishments have avoided operating in the country or limited their operations due to strict laws.
However, it is worth noting that most of the rules are considered temporary and not specific to the crypto industry. This has led to the Congressional hearings, which users believe would enable the creation of specific rules that will govern the US crypto space.
Read also: SEC Commissioners to Face Congress: Crypto Regulation in Spotlight
Many analysts see this period of Congressional engagement with the crypto community and regulators as critical. They believe it would provide clarity on how crypto firms should operate and the scope of the SEC’s regulatory activities. This clarity has become especially important following the numerous cases the SEC has taken on, particularly in recent months.
While the SEC’s long-running court case with Ripple over the latter’s sale of XRP tokens is nearing its conclusion, it remains involved in legal battles with several other crypto firms. One of the main points of contention in the SEC’s cases against crypto firms is that the commission is attempting to regulate the participants using laws designed for the mainstream financial sector.
Analysts are hopeful that the hearings will lead to well-defined regulatory frameworks, providing a clear path for organizations wanting to operate within the US crypto space. That could promote the tech’s adoption in the US, unless the laws become too stringent and discourage participation.
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