Michelle is the CEO of the Digital Asset Market Association, which works with financial firms and regulatory experts to develop a code of conduct for digital asset markets.

“2021 is the year Washington wakes up the digital asset industry. The year began with a rush of FinCEN ‘non-custodial wallets’ proposals, and the industry was able to voice its concerns and delays. Meanwhile, pro-digital-asset Senator Cynthia Lummis joined the Senate.

As the Biden administration ramps up the pace of digital assets, it appears that all of Washington is looking at the industry in some form or another. Then there’s the Infrastructure Act, which contains a hasty provision that defines brokers for tax filing purposes. This flawed language unleashes digital asset proponents from all segments of American society and makes clear that policymakers and regulators need to tread carefully and view innovation as a key pillar of their decision-making.

The year ended on a very positive note when cryptocurrency CEOs held a hearing before the House Financial Services Committee in early December. Legislators are incredibly enthusiastic about all involved and genuinely interested in the innovative advantages that can be exploited in Web 3.0. Hearings go a long way toward legalizing crypto in DC, similar to how bank CEOs appear before Congress every year.

Looking ahead to 2022, lawmakers are beginning to realize the long-term benefits the industry can offer the U.S., coupled with a year in the Biden administration now provides a real window for bipartisanship to advance the industry for market integrity and consumers Protection provides guardrails. I would like to see a responsible public policy framework developed where the industry can thrive and America can benefit from it. “