First, she said, the association helped beat back a proposed rule from the Financial Crimes Enforcement Network (FinCEN), the U.S. Treasury’s money laundering watchdog, requiring exchanges to collect personal information on unhosted or self-hosted crypto wallets. Second, the association, she said, helped water down a crypto tax and expansive reporting requirement contained in President Joseph Biden’s 2021 omnibus infrastructure bill. Third, the association has helped member companies, such as Ripple, Coinbase and Grayscale, to push legal arguments as they fought Securities and Exchange Commission actions against them. But you might call all these wins as maintaining the status quo rather than advancing the industry’s interests in a more positive direction. They are aimed at protecting businesses in an uncertain environment, instead of creating a world where crypto knows where it stands legally speaking.
