Crypto’s path to legitimacy depends on the industry itself, not just politicians

Core Insights - The U.S. administration is actively working to establish the country as the "crypto capital of the world" through legislative efforts and the formation of a working group on digital asset markets [1][2] - The GENIUS Act has been passed, creating the first federal framework for stablecoins, which mandates issuers to maintain dollar-for-dollar reserves and undergo audits [4][5] - The Clarity Act is being pursued to clarify regulatory authority over digital assets, aiming to provide predictability for the market [6] Industry Context - The previous administration's hostility towards digital assets has shifted, allowing for a more favorable environment for crypto integration into the financial mainstream [2] - A history of conflicting regulations has led to scams and hesitance from traditional financial institutions to adopt cryptocurrencies, despite recognition of blockchain's potential [3] - Industry leaders are advocating for regulation, understanding that federal oversight is essential for transforming cryptocurrencies into reliable payment instruments [5]