Industry experts worry that the latest crypto crash will further disparage the industry in the eyes of lawmakers
until 2025 for real change to occur," Hoskinson told FOX Business. "I have zero faith in the party of Elizabeth Warren and these others that they're actually going to meaningfully influence crypto above and beyond."
The conversation surrounding cryptocurrency in Washington has been largely dominated by both Elizabeth Warren, a fierce crypto critic, and Gary Gensler, head of the Securities and Exchange Commission, who has vowed to crack down on the digital assets space using a "regulation-by-enforcement" approach in an attempt to control the rapidly expanding industry.
In the last 24 hours, Bitcoin has fallen back below the $30,000 level, down more than 50% from its all-time high of $69,000 last November. Meanwhile, the price of the so-called stablecoin TerraUSD, or UST, which is designed to maintain a consistent peg to the U.S. dollar, plummeted as low as $0.23 on Wednesday with its sister token, Luna, losing around 94% of its value in the last week.
Right now, Sens. Kirsten Gillibrand and Cynthia Lummis are working together on bi-partisan legislation that could give the crypto industry some type of regulatory clarity.
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