Seven crypto policy predictions for 2023
By Anastasia Dellaccio, Founder and CEO, WCOIN
December 2022
As the abysmal year of crypto 2022 comes to an end, I have been reflecting on the promise of last year’s predictions when the crypto market was at its height and the possibilities seemed boundless. At this time a year ago, I remember standing in an interminable line in the freezing cold, waiting for over two hours to get a covid test while listening to my favorite crypto podcast lay out optimistic predictions for 2022. As 2022 comes to an end and we reflect on how none of it came true (Bitcoin would hit 100k!), WCOIN decided to take a stab at drafting some of our own policy predictions for 2023.
Although a very different tone from last year’s wholly optimistic vision for a crypto-centric 2022 filled bull market, we are still bullish. Read on:
Bullish on positive regulation: Despite recent setbacks, the sentiment amongst policy influencers in DC is as bullish as ever. FTX has brought crypto into the spotlight on the Hill as legislators feel an urgency to take action. As an industry, we need to continue to articulate that crypto did not commit fraud – a person did. Historically, criminals have taken advantage of innovative systems and Sam Bankman-Fried was simply a recent example of this trend. We need to move forward and work to develop regulatory guardrails that will create a clear roadmap for crypto innovators and allow the industry to thrive here in the U.S.
The new “crypto Congress”: The new Congress, otherwise known as the “crypto Congress” has a desire to learn the details rather than basic opinions on misguided assumptions. Crypto is complicated. We as policy professionals need to continue our drive to educate through smart communications deliverables, experiential engagement, authentic storytelling, and persistence. The industry has plenty of friends, and we should spend our time building bridges to educate those who are undecided. We will find ourselves with more friends in 2023 than we could have imagined in 2022.
Bi-partisanship: Crypto is a primarily bi-partisan issue and engagement will reflect that. The industry will continue to highlight crypto’s underlying Democratic values while striking a balance with crypto’s Republican advocates. Also, as bipartisan bills progress through the policymaking process, their refinement will signal consensus-building and progress on legitimizing crypto.
Fostering a place where crypto innovation grows: Given the fallout of FTX and our limited resources to regulate this off-shore entity, members of Congress will draft legislation that creates clear guidelines for crypto companies in order to position the U.S. as a crypto-friendly place. This will help us achieve our national security mandates by positioning us to better police the industry’s bad actors. It will ensure that the U.S. becomes the epicenter for innovation just as it was in the 90’s when we developed the right kind of policies for the world wide web. This in turn will create jobs and pave the way for a new crypto economy that is open, secure, and accessible to everyone.
Utility is our best story: As new utilities come to light, we will showcase to policymakers how crypto and blockchain are creating new avenues for better record-keeping, identity, payments, climate and sustainability, philanthropic giving, and for people to make a living through the creator economy. NFT companies are leading here and will have an increasing presence on the Hill.
Grassroots Advocacy: Equity stories are not making it to the hill and they need to. The industry needs to better embrace grassroots advocacy – from the entrepreneurs starting companies and creating jobs, to underserved communities leveraging crypto to get access to new forms of payment and remittances, to families leveraging the technology to build generational wealth, to the artists, writers, singers, and more that are finally able to make a living off of their art via the power of NFTs. Legislators care about their constituents and we need to do a better job of bringing these authentic voices to the Hill. Organizations focused on crypto grassroots engagement, like WCOIN, will have increased importance in 2023.
Women are leading in DC: Women are working in bi-partisan ways; they are rolling up their sleeves and taking the crypto industry into the future. Women are at the helm of DC’s most influential associations, leading policy in the industry’s most promising companies, and drafting the stickiest legislation and are doing so in bi-partisan ways. Women’s leadership in crypto policy will continue.
Overall, we have a lot of work to do but the good news about hitting rock bottom is that we can only climb upward from here. Crypto is here to stay and we are here for the ride.
