Benzinga - The well-known cryptocurrency advocacy group Blockchain Association made the decision to relocate to Washington, D.C., and focus on federal policies as the regulatory pressure on the digital assets industry grows.
What Happened: The organization is moving resources out of New York State and increasing its full-time personnel in Washington, according to CEO Kristin Smith in a statement to Coindesk.
Advancing the development of cryptocurrency in the U.S. still remains its goal.
This move occurs just after New York Gov. Kathy Hochul approved legislation making the state the first in the nation to prohibit particular kinds of cryptocurrency mining.
Additionally, the action came in the wake of federal regulators' broader crackdown on the digital assets sector following the failure of the centralized cryptocurrency exchange FTX.
Also Read: Ex-Meta Platforms Employees' Sui Blasts Off: Is This The End For Aptos, Other DeFi Titans?
The Securities and Exchange Commission (SEC) has lately taken action against prominent market participants, including Tron (CRYPTO: TRON) founder Justin Sun and the centralized cryptocurrency exchanges Bittrex, Kraken and Gemini.
This has further intensified the existing downturn in the digital asset market.
Supporters of cryptocurrency are outraged by the governmental onslaught and are calling for clarification of the current regulatory standards.
This would make it possible for cryptocurrency businesses to register with the federal organization and assist in reducing the impact of recent prominent enforcement actions.
Read Next: Survivor Wallet: The Game-Changing Blockchain Solution For Instant Disaster Relief
Photo: Pixabay
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.