On Wednesday, November 22nd, the Blockchain Association published its annual report, which highlighted the successes and difficulties the cryptocurrency industry faced in 2018.

Driving crypto forward

The Blockchain Association is a crypto advocacy group led by CEO Kristin Smith that was founded in 2018. The organization wants to establish “a future-forward, pro-innovation national policy and regulatory framework for the crypto economy,” according to its website.

The paper specifically describes the formation of 14 “issue-based and sector-specific working groups” by the Blockchain Association, which address important Web3 discussions.

Additionally, the lobbying group participated in 175 House and Senate hearings and about 30 phone conversations with White House representatives.

“Senior Counsel Marisa Copel and Senior Policy Director Sarah Milby of the Blockchain Association stated, “In addition to legislative efforts in Congress, our team has filed numerous comment letters with regulatory agencies to ensure the rulemaking process is fair, narrowly tailored, and does not negatively impact digital asset innovation in the U.S.”

“Dan Spuller, Senior Director of Industry Affairs at the Blockchain Association, said, “The trials of 2023 have only reaffirmed our commitment to our mission. As we look to the future, we do so with optimism, resilience, and a drive to further our shared vision.”

Walking the walk

The Blockchain Association submitted an amicus curiae brief against the US Treasury’s Office of Foreign Assets Control (OFAC) for sanctioning Tornado Cash, and now the group has announced its 2023 report with a U.S. appellate court.

“The brief concludes with the statement, “If allowed to stand, this overreach will have sweeping consequences – weakening the digital asset industry, jeopardizing the financial privacy of law-abiding Americans, and effecting a vast expansion of OFAC’s power.”

A changing regulatory landscape

The study was released in response to news that Changpeng Zhao, the founder of Binance, has resigned as CEO of the cryptocurrency exchange after fast enforcement steps were announced by US regulators against Zhao and his business.

Attorney General Merrick Garland declared, “This is one of the largest penalties we have ever obtained from a corporate defendant in a criminal matter.”

Binance has to give up $4.3 billion in fines and forfeitures as part of the settlement agreement, and they also have to leave the US market.

Treasury Secretary Janet Yellen stated, Let me be clear: we’re also sending a message to the virtual currency more broadly today and for the future.” “Virtual currency exchanges and financial technology companies need to follow the rules if they want to reap the huge rewards of serving US consumers and being a member of the US financial system.”