Uncovering progress on crypto policy in Washington DC
2023 has seen an unprecedented wave of regulatory action regarding cryptocurrencies around the world, but nowhere has the change been more pronounced than in the United States. Before the opening salvo in August 2022, when the Treasury Department imposed sanctions on ethereum coin mixer Tornado Cash, 2023 saw cascading crackdowns due to multiple SEC lawsuits against centralized exchanges, criminal charges against developers, and even industry criminal charges. the most well-known public figure.
The message is clear: Any doubts about the US government’s willingness to intervene in the industry have been removed. As we enter the new year with growing cries for regulatory action on both sides, 2024 is poised to be a turning point in crypto policy, for better or worse.
To further gauge the state of the game, CryptoSlate He spoke with Nilmini Rubin, Chief Policy Officer at Hedera, whose current job puts her in a unique position to offer insight. With a career that has spanned the halls of Congress to the West Wing, Rubin’s extensive experience in policymaking and technology implementation places him at the intersection of blockchain technology, policy, and global market trends.
Speeches
As part of several conversations on the Hill, Rubin offered some insight into lawmakers’ many and varied concerns. “Some [policymakers] “We are just interested in learning the basic technology,” he says. “Others want to dive into the deepest parts of the technology and its policy implications,” he continues, explaining that concerns span national security, job opportunities, environmental consequences and more.
Rubin notes that the global perspective looks different. “They look at it from a very different perspective. More [about] “What are the overall benefits and how do we reduce the risks?” This approach, common outside the US, reflects a broader, more holistic view of blockchain technology. Policymakers in these regions tend to weigh overall advantages against potential risks, seeking a balanced perspective that considers both technological innovation and its societal consequences.
By contrast, Rubin points out that U.S. policymakers often focus on how blockchain fits into existing U.S. laws and policies. This inward-looking approach is more about integrating new technology into existing frameworks, rather than re-evaluating or adapting those frameworks to accommodate new possibilities. Rubin also explains that when discussing blockchain policy with colleagues in Asia, for example, the conversation often involves looking at how different regions, such as Europe or the United Kingdom, are addressing similar issues, indicating a more comparative and globally informed approach.
In explaining why U.S. policymakers may not embrace a similar global perspective, Rubin suggests that it is largely a matter of focus. “They are really thinking about the United States. “They are thinking about their voters,” he says. This component-focused approach can sometimes limit the scope of policy evaluations to domestic concerns and potentially overlook broader global perspectives or innovative approaches being adopted elsewhere.
Applications
While many people think of the cryptocurrency space as a world characterized by high risk and exaggerated expectations, Rubin emphasizes that Hedera operates as a real-world application with little concern for the secondary market value of its token. So far it has found specific uses in agriculture and carbon monitoring; Not only do both have huge markets to serve, but they can also benefit from expanded capabilities for environmentally responsible business practices.
Rubin highlighted Dovu, a marketplace built on Hedera that allows farmers to issue tokenized carbon credits. This innovation offers a dual benefit: it provides farmers with a new income stream by monetizing the carbon sequestered in their soil, and contributes to environmental sustainability. The process involves farmers planting crops outside their normal area and receiving credits for additional carbon capture. What sets this system apart from others is its transparency and accountability; because blockchain technology enables precise tracking of where each carbon offset comes from, thus preventing greenwashing.
Rubin emphasizes that the conversation surrounding these technologies often focuses on the fluctuating value of cryptocurrencies as assets, but the real value is what each asset does and is for. Rubin says the following about the market price of a crypto asset:
2024 and beyond
Looking to the future, Rubin expresses measured optimism about the progress of blockchain regulation in the US, stating: “I’m hopeful that something will happen that will help advance blockchain and cryptocurrency regulation in the US.” awareness among policymakers and high levels of discourse about crypto policy in Washington. But he acknowledges that things do not come easily or quickly in Washington, so his optimism is cautious.
Until then, he and others need to continue working to move the conversation forward. The goal, as Rubin explains, is to illuminate the broader utility and richness of blockchain technology for policymakers. The aim is to ensure that any regulations developed to govern this area are prepared to recognize and exploit the potential benefit of the technology to consumers and businesses alike.
#Uncovering #progress #crypto #policy #Washington
2023 has seen an unprecedented wave of regulatory action regarding cryptocurrencies around the world, but nowhere has the change been more pronounced than in the United States. Before the opening salvo in August 2022, when the Treasury Department imposed sanctions on ethereum coin mixer Tornado Cash, 2023 saw cascading crackdowns due to multiple SEC lawsuits against centralized exchanges, criminal charges against developers, and even industry criminal charges. the most well-known public figure.
The message is clear: Any doubts about the US government’s willingness to intervene in the industry have been removed. As we enter the new year with growing cries for regulatory action on both sides, 2024 is poised to be a turning point in crypto policy, for better or worse.
To further gauge the state of the game, CryptoSlate He spoke with Nilmini Rubin, Chief Policy Officer at Hedera, whose current job puts her in a unique position to offer insight. With a career that has spanned the halls of Congress to the West Wing, Rubin’s extensive experience in policymaking and technology implementation places him at the intersection of blockchain technology, policy, and global market trends.
Speeches
As part of several conversations on the Hill, Rubin offered some insight into lawmakers’ many and varied concerns. “Some [policymakers] “We are just interested in learning the basic technology,” he says. “Others want to dive into the deepest parts of the technology and its policy implications,” he continues, explaining that concerns span national security, job opportunities, environmental consequences and more.
Rubin notes that the global perspective looks different. “They look at it from a very different perspective. More [about] “What are the overall benefits and how do we reduce the risks?” This approach, common outside the US, reflects a broader, more holistic view of blockchain technology. Policymakers in these regions tend to weigh overall advantages against potential risks, seeking a balanced perspective that considers both technological innovation and its societal consequences.
By contrast, Rubin points out that U.S. policymakers often focus on how blockchain fits into existing U.S. laws and policies. This inward-looking approach is more about integrating new technology into existing frameworks, rather than re-evaluating or adapting those frameworks to accommodate new possibilities. Rubin also explains that when discussing blockchain policy with colleagues in Asia, for example, the conversation often involves looking at how different regions, such as Europe or the United Kingdom, are addressing similar issues, indicating a more comparative and globally informed approach.
In explaining why U.S. policymakers may not embrace a similar global perspective, Rubin suggests that it is largely a matter of focus. “They are really thinking about the United States. “They are thinking about their voters,” he says. This component-focused approach can sometimes limit the scope of policy evaluations to domestic concerns and potentially overlook broader global perspectives or innovative approaches being adopted elsewhere.
Applications
While many people think of the cryptocurrency space as a world characterized by high risk and exaggerated expectations, Rubin emphasizes that Hedera operates as a real-world application with little concern for the secondary market value of its token. So far it has found specific uses in agriculture and carbon monitoring; Not only do both have huge markets to serve, but they can also benefit from expanded capabilities for environmentally responsible business practices.
Rubin highlighted Dovu, a marketplace built on Hedera that allows farmers to issue tokenized carbon credits. This innovation offers a dual benefit: it provides farmers with a new income stream by monetizing the carbon sequestered in their soil, and contributes to environmental sustainability. The process involves farmers planting crops outside their normal area and receiving credits for additional carbon capture. What sets this system apart from others is its transparency and accountability; because blockchain technology enables precise tracking of where each carbon offset comes from, thus preventing greenwashing.
Rubin emphasizes that the conversation surrounding these technologies often focuses on the fluctuating value of cryptocurrencies as assets, but the real value is what each asset does and is for. Rubin says the following about the market price of a crypto asset:
He explained that unlike the Web 2.0 model, which relied heavily on advertising for funding, blockchain technology (or hashgraph technology in Hedera’s case) operates on a different paradigm. It uses smaller fees associated with exchanging information as a funding mechanism. This approach not only provides global access but also requires fast processing; Cryptocurrency is becoming a more practical tool than traditional currencies, especially given the limitations of standard banking hours and transaction permissions.
2024 and beyond
Looking to the future, Rubin expresses measured optimism about the progress of blockchain regulation in the US, stating: “I’m hopeful that something will happen that will help advance blockchain and cryptocurrency regulation in the US.” awareness among policymakers and high levels of discourse about crypto policy in Washington. But he acknowledges that things do not come easily or quickly in Washington, so his optimism is cautious.
Until then, he and others need to continue working to move the conversation forward. The goal, as Rubin explains, is to illuminate the broader utility and richness of blockchain technology for policymakers. The aim is to ensure that any regulations developed to govern this area are prepared to recognize and exploit the potential benefit of the technology to consumers and businesses alike.
There is a delicate balance in regulation that must protect against fraud and misuse by bad actors without hindering the innovative and beneficial aspects of technology. In a year when bad actors dominate the headlines and there is no shortage of them, Nilmini Rubin and her colleagues daily remind U.S. lawmakers not to overlook the many great applications of technology when bad actors are eliminated. far.
#Uncovering #progress #crypto #policy #Washington