Crypto Council for Innovation advisor believes regulators and lawmakers must be educated to create fair crypto regulations.
Sean Lee, the advisor of the Crypto Council for Innovation and co-founder of Odsy Network, said that it is still possible to achieve fair crypto regulations, but it will require a lot of effort in educating the financial regulators and policymakers.
On March 29th Sam Lee claimed that the current crisis in the crypto industry could trigger the creation of new crypto reforms. To justify his opinion, the man referenced to 2008 crisis, which influenced the launch of several financial reforms.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Is Tether? (USDT SIMPLY Explained With Animations)
When talking about the matter, Sam Lee noted:
It is possible, it will take a lot of work <…> and usually implementation comes after a massive crisis, which we have right now.
The US regulators have stepped up their crackdown on the crypto industry since the collapse of FTX in November 2022, with some experts calling it a “war on crypto.”
According to Sam Lee, the fall of FTX should not have influenced such a strict crackdown on the crypto industry, as FTX was not the whole crypto sector but rather a centralized trading platform.
If you don’t properly regulate centralized entities, well, we’ve seen back in history many times about what can go wrong.
The ex-CEO of Algorand claimed that a lot of focus must be given to educating lawmakers about the crypto industry to help them create more progressive policies.
According to Sam Lee, the Crypto Council of Innovators is trying to bring lawmakers up to speed with the development in the crypto industry, including helping them to understand the crypto regulatory steps taken by other jurisdictions. He says the think tank is ready to offer help in developing progressive policies.
Crypto Council of Innovation CEO Sheila Warren supported the recent Digital Commodities Consumer Protection Act, a proposed US Federal Law that regulates crypto and digital asset trading, claiming it is a significant step toward achieving regulatory clarity.
