Avery Ching’s appointment to the CFTC’s Digital Assets Markets Subcommittee is more than a headline. This would be a monumental change in cryptocurrency regulation. Surprisingly, it swings open a massive door of opportunity for the entire industry. Is it really a win? Join us as we unpack why this is significant and what it might mean for you – and your investments!

Is Collaboration Replacing Antagonism

Up until now, the fate of crypto has often resembled a boxing match between regulators and crypto advocates. One side swinging hard with heavy-handed regulations and lawsuits, the other side just trying to duck and cover. The appointment of a Web3 leader like Ching, alongside other figures from traditional finance and Web3, could signal a move toward something far more productive: a conversation.

Think of it like this: imagine trying to build a house with someone who speaks a completely different language. Frustrating, right? That's been crypto and the CFTC. With someone like Ching at the table, though, a translator is there. This individual has a deep understanding of the intricacies of blockchain, DeFi and Web3.

We would like to thank Summer O’Mersinger, who recently departed for the Blockchain Association. Her rosy take on crypto support on the Hill continues to give this story legs. Is the tide turning? Are we at last witnessing an epiphany in Washington that innovation not only shouldn’t but can’t be stifled, but it should be guided?

New Leadership, New Opportunities Abound

The expected departure of Caroline Pham and the potential return of Brian Quintenz, a Trump appointee, adds another layer of complexity. Quintenz served as the CFTC chairman from 2017-2021. His return could signal a new, more pro-market regulatory approach that would prove the exception to recent years’ anti-competitive trends.

Potentially, that would bring more certainty and transparency in the regulatory climate for crypto businesses, reduced regulatory uncertainty, and a more level competitive playing field. That would be a positive outcome—we’d prefer the U.S. to be the obvious destination for crypto innovation, not driving it offshore.

Let's not get ahead of ourselves. Changes in leadership don't guarantee instant success. The true victory will be in the policy that results from these changes.

Ching’s role goes beyond the idea of showing up. It’s about showing out. One of his first opportunities to do so will be the regulations that will govern the nascent digital asset space. Together with subcommittee members such as Gil Mandelzis, CEO of Capitoliis, and Mary-Catherine Lader, COO of Uniswap Labs, he looks poised to.

  • Will they be pro-innovation?
  • Will they protect consumers without stifling growth?
  • Will they create a clear path forward for crypto businesses?

It’s here that the Illinois “Call to Action” really shines. This is something we, the crypto community, must be loud about. We need to engage with our elected officials, share our perspectives, and demand that regulations are sensible, balanced, and forward-thinking.

Shaping Digital Asset Regulations Together

Without meaningful involvement, we will be left with regulations that are outdated, misinformed and detrimental to our industry. At best, we squander the unique innovation and economic opportunity crypto presents.

Think about it: The internet was once a wild west. Now, it’s a ubiquitous aspect of our everyday lives. Historical antitrust precedent did a good job teaching U.S. policymakers how to regulate Big Tech, while allowing for its growth. We have to make sure we do the same with crypto.

First, stop looking at regulators as the adversaries and start thinking of them as possible collaborators. Ching's appointment is a step in the right direction, but it's only the first step. The real work of ensuring these are the right next steps toward shaping the future of crypto regulation is only just beginning.

Think about it: The internet was once a wild west. Now, it's a fundamental part of our lives, largely because policymakers eventually figured out how to regulate it without killing it. We need to aim for the same outcome with crypto.

It's time to stop viewing regulators as the enemy and start seeing them as potential partners. Ching's appointment is a step in the right direction, but it's only the first step. The real work of shaping the future of crypto regulation is just beginning.

Don't sit on the sidelines. Get involved. Your voice matters.