Blockchain Association Moves Out of New York Ahead of Potential Federal Regulatory Battle

The advocacy group has decided to redirect its attention towards lobbying regulators and officials in Washington, D.C.

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The Blockchain Association, an advocacy group for the crypto industry, is leaving New York as it prepares to challenge the stricter regulations imposed by federal regulators on the cryptocurrency industry.

According to a spokesperson, the CEO of the Blockchain Association, Kristin Smith, has stated that the organization will be moving its resources away from New York State to concentrate on federal policy. They will also be hiring additional full-time staff in Washington for this purpose. The group’s objective remains to promote the future of cryptocurrency in the United States.

This decision comes a few months after New York Governor, Kathy Hochul, signed a law prohibiting specific forms of cryptocurrency mining in the state. This law makes New York the first state in the US to implement such a ban. Furthermore, the move follows the regulatory crackdown on the cryptocurrency industry by federal regulators, which has become more stringent following the multi-billion dollar collapse of centralized cryptocurrency exchange FTX.

In recent months, the Securities and Exchange Commission (SEC) has taken action against significant players in the cryptocurrency industry. These include centralized crypto exchanges such as Bittrex, Kraken, and Gemini, as well as crypto lender Genesis (which is owned by the parent company of CoinDesk, Digital Currency Group) and individual actors like Tron founder Justin Sun. These actions by the SEC have further worsened the existing downturn in the digital asset market.

The recent actions by regulators have caused frustration and anger among crypto advocates. They are calling for clearer regulatory guidelines to allow crypto companies to register with the federal agency and prevent further damage caused by recent high-profile crackdowns.

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