According to Cointelegraph: Bill Hughes, the Senior Counsel and Director of Global Regulatory Matters at Consensys, spoke at the North American Blockchain Summit regarding the impact of crypto bills on politics. He highlighted the current state of US lawmakers' unfulfilled obligation to implement legislation concerning regulatory clarity for the digital asset space, specifically including stablecoins.
Hughes described the current moment as an exciting time in policy, with Congress members contemplating which crypto bills to endorse. The director believes that legislating on stablecoins should be straightforward for lawmakers once they have resolved issues related to state-level regulation.
In Hughes's view, stablecoins are a significant component of the crypto ecosystem and one of the most potent applications of blockchain technology. He asserted, however, that a persisting policy issue has impeded progress.
Touching on Senator Elizabeth Warren's crypto bill—which seeks to counteract the illicit use of digital assets—Hughes deemed it supported but flawed in addressing Anti-Money Laundering. Conversely, he considered the Clarity for Payment Stablecoins Act—introduced by House Financial Services Committee Chair Patrick McHenry—mostly sensible.
With crypto being drawn into political discourse, certain policymakers have outwardly expressed hostility, while others see it as an exciting area that requires a balance between growth and risk management.
Additionally, Hughes predicted the possible approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission, although he did not dismiss potential further delays.
Discussing the 2024 presidential elections, Hughes mentioned that candidates Robert F. Kennedy, Jr., and Vivek Ramaswamy both attended the Summit and professed support for numerous crypto-related policies. Although Hughes acknowledged that crypto has largely been relegated to the periphery of political discussions, he noted its potential to embody wider issues like financial freedom and government size.
