Crypto’s Free Rein May Be Coming to a Close

After more than a decade of cryptocurrencies and related technologies operating in a regulatory vacuum, lawmakers in both the US and Europe are writing new rules to regulate this quickly growing sector.

Bracewell’s Anne Termine predicted in comments for Wired that even if none of the bills up for discussion so far were to be passed, “in two years’ time, there will be a bill out there.”

Termine added that introducing rules for stablecoins is particularly high on lawmakers’ to-do list—echoing what US treasury secretary Janet Yellen said after the collapse of the terra-luna stablecoin.

The ongoing crash of crypto markets has only strengthened rule-makers’ resolve. In the US, several proposals have been put forward over the past few months. One notable example is the wide-ranging bipartisan bill sponsored by Republican senator Cynthia Lummis and Democratic senator Kirsten Gillibrand, which the crypto industry has saluted as beneficial, while others have condemned as a capitulation to the crypto lobby’s requests.

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