According to Cointelegraph, the opportunity to enact significant cryptocurrency legislation in the United States is rapidly diminishing, with potential long-term repercussions for the industry if missed. Marta Belcher, president of the Blockchain Association and the Filecoin Foundation, emphasized the importance of legislative action during a recent episode of Cointelegraph’s Decentralize podcast. She urged lawmakers and industry leaders to act swiftly before the 2026 election cycle potentially disrupts current progress.
Belcher highlighted the critical need for legislation to clarify key aspects of the cryptocurrency industry before the end of the year. She expressed concern over the uncertainty surrounding Congress's stance on crypto following the midterm elections, which could either support or hinder the industry. Reflecting on the previous administration's hostile environment, where the Securities and Exchange Commission under Gary Gensler and the Biden administration pursued legal actions against major tokens, Belcher noted the adverse impact on the industry, with many projects relocating abroad. She expressed hope for a shift in tides with legislation that facilitates operations within the U.S.
Currently, Congress is advancing both stablecoin and broader market structure legislation, with a potential vote on stablecoins anticipated soon. However, Belcher cautioned against relying on post-summer legislative movement due to unpredictable congressional priorities. She stressed the urgency of passing legislation this year to establish a clear compliance path, which many crypto projects are eager for. Belcher underscored the willingness of industry participants to comply, provided they understand the requirements. She also emphasized the necessity for industry-wide compromise, acknowledging that while the legislation may not be perfect, collective action is essential for progress.
