Kristin Smith on House to Vote on Crypto FIT21 Bill

Summary

In a discussion on 'Balance of Power,' Kristin Smith, CEO of the Blockchain Association, expresses optimism about the bipartisan support for the FIT 21 bill in the House, emphasizing Congress's role in policy-making over the SEC's authority. She highlights the crypto industry's growth and its engagement with lawmakers, noting the industry's collective voice and the grassroots support for fair regulation. Smith also addresses the SEC's potential approval of spot Bitcoin ETFs, which could be a significant step forward for the industry, and mentions the importance of the crypto community's involvement through organizations like Stand With Crypto.

Takeaways

• 🗳️ The FIT 21 bill is expected to have a strong bipartisan vote in the House, indicating a willingness to work together on legislation and a belief that Congress should make policy, not the SEC.
• 🏛 The Senate's stance on the bill is uncertain, and any changes to the bill will be made when it reaches the Senate.
• 🎉 Kristin Smith, CEO of the Blockchain Association, is positive about the bill's progress and sees it as a milestone for the crypto industry, even if it doesn't pass this year.
• 🔄 If the bill does not pass in the current congressional session, it would need to start over in January 2025, but the industry is prepared for this possibility.
• 📈 There is a growing understanding and engagement with crypto policy among lawmakers, with many candidates and policymakers becoming more educated on the subject.
• 👥 The crypto industry has become more engaged with lawmakers, and there is a grassroots swell of support for good policy.
• 👶 The crypto voter demographic tends to be younger, with a significant portion of voters aged 18-24 showing interest in cryptocurrency.
• 📊 Over 52 million Americans own crypto, and there is an organization called 'Stand with Crypto' for individuals to get involved and voice their opinions to their representatives.
• 💰 The crypto industry has raised around $100 million through Super PACs to advocate for fair regulation and to counteract what they perceive as a hostile stance by the SEC.
• 💼 The SEC's consideration of spot Bitcoin ETFs is seen as a significant moment for the industry, with the potential to undermine the argument that Ether is a security.
• 🚀 The bipartisan votes in the House and Senate, along with the potential approval of ETFs, indicate a big moment in crypto policy, showing that the industry is being taken more seriously.

Q & A

What is the significance of the FIT 21 bill for the crypto industry?

The FIT 21 bill is significant as it represents bipartisan support in the House for crypto legislation, indicating that Congress is willing to make policy in this area rather than leaving it to the SEC, which currently does not have the authority to do so.

Why is the bipartisan vote on the FIT 21 bill symbolic?

The bipartisan vote is symbolic because it demonstrates a willingness of both parties to collaborate on legislation related to cryptocurrencies, highlighting the importance of Congress in shaping policy in this area.

What is Kristin Smith's view on the SEC's current stance towards the crypto industry?

Kristin Smith believes that the SEC has been treating the crypto industry unfairly and hostilely, and that the industry is ready for sound regulation that balances consumer protection with fostering innovation.

What is the role of the Blockchain Association in the crypto policy landscape?

The Blockchain Association, led by Kristin Smith, serves as the collective voice of the crypto industry, focusing on engaging with lawmakers and advocating for fair and balanced regulation.

Why is the potential approval of spot Bitcoin ETFs by the SEC considered a big moment for the crypto industry?

The approval of spot Bitcoin ETFs by the SEC would be a significant step forward for the industry, as it would legitimize cryptocurrencies as an asset class and potentially lead to greater mainstream adoption and investment.

What does Kristin Smith believe the crypto industry's response to the SEC's stance has been?

According to Kristin Smith, the crypto industry has decided that enough is enough and is taking action to ensure a fair chance at obtaining balanced regulation, showing that the industry has matured and is ready to engage seriously with regulators.

What is the significance of the bipartisan votes in the House and Senate for the crypto industry?

The bipartisan votes indicate a growing recognition and seriousness towards crypto policy, suggesting that the industry's efforts to engage with lawmakers are being taken seriously and that there is a genuine interest in understanding and regulating the space.

What is the potential impact of the FIT 21 bill not passing in the current congressional session?

If the FIT 21 bill does not pass in the current session, the process would have to start over in January 2025. However, Kristin Smith views this as a positive, as it would give the next Congress, which is expected to be even more educated about crypto, the opportunity to craft policy.

Who is considered the 'crypto voter' according to the transcript?

The 'crypto voter' tends to be younger, with a recent survey from Texas showing that 1 in 5 voters are paying attention to cryptocurrency. Over 52 million Americans own crypto, indicating a growing and engaged demographic.

What is the role of the organization 'Stand with Crypto'?

Stand with Crypto is an organization that allows individuals to get involved in advocating for crypto policy. It provides tools for individuals to communicate with their congressmen and senators, helping to mobilize grassroots support for crypto-friendly policies.

How much money has been raised by the crypto industry through Super PACs according to the transcript?

The crypto industry has raised approximately $100 million through Super PACs to support their efforts in achieving fair and balanced regulation.