Crypto Council For Innovation
Subscribe
No Result
View All Result
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Releases
  • Analysis
    • All Analysis
    • Crypto in Action
    • News Analysis
    • Explainer
  • POSA
  • Comment Letters
  • Policy Briefs
  • Reports
  • Security
  • Financial Literacy
  • Policy
  • EU Elections
  • Crypto in Action
  • Explainer
    • Defi
    • NFTs
    • DAOs
    • Layer 1s
    • Layer 2s
    • Government
    • Infrastructure
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Releases
  • Analysis
    • All Analysis
    • Crypto in Action
    • News Analysis
    • Explainer
  • POSA
  • Comment Letters
  • Policy Briefs
  • Reports
No Result
View All Result
Crypto Council For Innovation
No Result
View All Result

Home » The Longest Two Weeks in Crypto

The Longest Two Weeks in Crypto

bySheila Warren
November 18, 2022
in News Analysis
It's time for thoughtful, careful discussion with lawmakers and stakeholders to ensure regulation and policy promotes safety and soundness.


It has been a shocking few weeks for crypto. Revelations of extreme misconduct at FTX – and the related fallout associated with it – have shaken the industry. The full scale of impacts remains to be seen. While we all continue to unpack what happened, it’s important to think about where we go from here.

The key takeaway that this incident underscores is what many in the industry and beyond have been saying: regulation is needed, and it’s needed now.  

Headlines are focusing on one small group of actors and one story. But this does not represent the industry. The builders I know explore diverse use cases, challenge conventional operating models, and are working everyday to put ownership back in users’ hands. Indeed, for many, the story is emblematic of the issues that drew them to crypto/web3 in the first place.  

We are facing a difficult question: How do we prevent something like this from ever happening again, while ensuring that critical innovation that can meaningfully change systems and lives around the world is not stifled as a result? 

Industry Continues Calls for Clarity

At the Crypto Council for Innovation, our mission has been to encourage the responsible regulation of this nascent and complex technology. We have been bringing together leaders from across government, business, technology, academia and non-profit sectors to discuss these topics.  

This isn’t a new conversation. The industry has been calling for regulatory clarity, transparency and openness for years. As we have seen, operating under inconsistent rules of the road and ex-post regulation by enforcement does not work. Careful conversations and diving into the weeds are what is needed to get these policies right.

Policymakers should keep the following critical principles in mind as they navigate the various options on the table:

  • Regulation must protect users, investors, and businesses.
  • The U.S. must remain a leader in the global financial system and preserve its innovative edge.
  • Policies should seek to increase access, promote efficiency, and reduce costs.

Education and dialogue are more critical than ever in ensuring that frameworks are not simply responding to the news cycle. We are looking forward to continuing to engage collaboratively with global regulators and policymakers on these topics.  

There’s a lot going on in this vein. For those of us focused on policy and regulation, the work hasn’t stopped and will continue. In addition to answering questions from the Hill, the press and many others, here are important issues that the Crypto Council has been moving forward on while the FTX story unfolded: 

  1. Financial Stability Board consultation on crypto and stablecoins.
  2. OFAC re-sanctions Tornado Cash.
  3. MiCA’s progress in Europe.
  4. Singapore consulting on its framework. 
  5. The UK Financial Services and Markets Act.
  6. Hong Kong accelerating its focus on crypto assets. 
  7. Governments experimenting with technology (UK is minting NFTs, Japan started a DAO, etc) 
  8. Potential for a “Crypto Congress” following midterm elections in the United States.
  9. The industry self-organizing around risk management best practices.
  10. South Korea set to finalize a comprehensive framework by next year. 

While all are important, let’s dive into three right now – and what they mean for crypto. More to follow next week. 

1. MiCA’s progress in Europe 

The European Union made headlines this summer when it reached an agreement on its Markets in Crypto-Assets (MiCA) bill, which was accompanied by its Transfer of Funds Regulation (TFR). Together, the legislation represented the most comprehensive crypto framework in the world to-date. 

As one EU official summarized, the bill “is intended to bring the unregulated cryptoasset market under a financial-services regulatory framework, help root out bad actors, prevent market abuse, and limit the risks to consumers and market integrity.”

Importantly, what we saw this summer was just the first step – the political agreement. Now, the work of turning the framework into reality is underway.

The final text is ready, but it is now going through a legal review. The updated expectation is that the official journal publication will take place in March 2023, with entry into force in April 2023. In the meantime, regulators are starting to prepare for their implementation roles. 

EU Policy Update: MiCA Endorsement to Have Global Impact
MiCA policy brief

What can we learn? Moving forward on policy and regulation isn’t impossible – but it does require political will. In the EU, leaders skeptical of crypto were open to listening and learning, as long as the approach was collaborative and humble. We also saw the importance of an emphasis on tech neutrality. Regulation of any underlying technology itself risks anointing winners that may or may not be the optimal choice for constituents.

The Crypto Council looks forward to continued engagement with regulators – including the European Supervisory Authorities and national supervisors – on the specifics of implementation. 

2. Potential for a “Crypto Congress” following midterm elections in the US

The United States held its midterm elections this month – and we saw the results of the crypto vote show up in a real way. Our pre-midterm poll found that 1 in 7 voters own crypto, along party lines and in key voter demographics – for example, racial minorities, young people, and independents.

Results speak for themselves: All 19 of our Digital Future Award recipients who were on the ballot won their races.

Crypto Council Recognizes Leadership in Congress With Digital Future Award
All 29 Digital Future Awardees are apart of the 118th Congress.

Importantly, crypto has well-known and well-regarded champions within Congress. As highlighted in our post-midterm Twitter space: “The industry has really made great inroads with very serious people who understand… long-term policy implications from the developments in this space.” This is critical because both industry and voters want clear rules of the road – this is key to protecting consumers and innovation.

Midterm Results and the Impact on Crypto

Crypto is a bipartisan issue. Collaboration across the aisle will be key to getting legislation over the line in the 118th Congress. As former Senator Cory Gardner put it: “As people are looking for things to work on together, crypto is going to be one of those issues. And it is one of those issues that I think is going to bring Congress together in a bipartisan manner.”

3. UK Autumn Statement & the Financial Services and Markets Act

It’s been a busy time for the UK between leadership changes, rising inflation, and significant attention on their financial markets. Recently, Chancellor Jeremy Hunt presented the Autumn Statement, outlining priorities for the UK economy. Within the three priorities of stability, growth, and public services, there was a clear emphasis on digital policy. 

This comes amidst progress on the Financial Services and Markets Bill, which would give regulators authority over crypto and builds upon rulemaking around crypto promotions announced earlier this year. According to parliamentarian Andrew Griffith: “The inclusion of crypto in the scope of the bill will make sure the country’s Treasury is equipped to respond to developments in the crypto sector quickly and deliver regulation in an “agile” way that is consistent with the country’s broader approach to regulating the financial services sector.”

The UK expects to release its public consultation on this framework later this year. We expect increased activity and announcements from the government over the next few months. In recent meetings with the Crypto Council over the past couple of weeks, regulators and policymakers alike have reaffirmed their commitment to making the UK a hub for crypto innovation. 

Going forward with crypto regulation and policy

Reactive, panicky policies are not the solution. Now is the time for thoughtful, careful discussion with lawmakers and stakeholders to ensure the US crypto regulatory framework promotes safety and soundness, protects consumers, preserves our innovative edge, and prevents bad actors.

Policymakers should take care to not anchor on this one shameful example – the actions of a few, however appalling, are not reflective of the technology itself nor of the diversity within this vibrant industry.

This is also the time for the industry to focus on first principles: humans are almost always the ultimate beneficiaries of even the most decentralized technology, and safety and soundness matter. Many are already focused on building a safer, more inclusive system. Continuing to do so, while incorporating lessons from the last few months, is the best way to realize the promise of a better digital future for all.

Tags: carouselcryptocrypto congressftxheroMiCAPolicyregulationUK
Tweet

Related Posts

Inside Washington’s Strategic Overhaul of Crypto Policy in 2025
News Analysis

Inside Washington’s Strategic Overhaul of Crypto Policy in 2025

June 14, 2025
Karachi at night to illustrate a story about Pakistan and crypto development.
News Analysis

Pakistan Creates Digital Asset Authority in Latest Pro-Crypto Move

May 23, 2025
Load More
Next Post
Inside a Crypto Nemesis’ Campaign to Rein In the Industry

Inside a Crypto Nemesis’ Campaign to Rein In the Industry

By Categories

  • CCI News
  • Comment Letters
  • Congressional Testimony
  • Crypto in Action
  • Data
  • Explainers
  • Letter
  • News Analysis
  • Oped
  • Pinned Event
  • Policy Briefs
  • Press Releases
  • Previous Events
  • Recent Coverage
  • Report
  • Uncategorized
  • Upcoming Events
  • About
  • Contact

© 2025 Crypto Council For Innovation.

No Result
View All Result
Subscribe
  • Home
  • About Us
    • Leadership
    • Membership
    • Careers
    • CCI News
    • Contact
    • Events
    • Press Release
    • Recent Coverage
  • Analysis
    • All Analysis
    • Crypto in Action
    • Explainer
      • All Explainers
      • DeFi
      • NFT
      • DAO
      • Layer 1s
      • Layer 2s
      • Government
      • Infrastructure
    • News Analysis
  • Recent Coverage
  • Comment Letters
  • Policy Briefs
  • Reports
  • Security
  • Financial Literacy
  • Policy
  • EU Elections
  • In Action
  • Explainer
    • All Explainers
    • DeFi
    • NFT
    • DAO
    • Layer 1s
    • Layer 2s
    • Government
    • Infrastructure

© 2025 Crypto Council For Innovation.

Saskia Seidel

Policy Fellow

Saskia Seidel is the Policy Fellow at CCI, conducting legal and policy analysis on crypto regulations and legislative developments across key jurisdictions. She examines bills and regulatory proposals as well as case decisions, providing insights into the evolving landscape of digital assets policy.

Saskia holds a Master of Laws in International Business and Economic Law from Georgetown University Law Center. Originally from Germany, she earned a Bachelor's degree in Law and Economics and passed the First German State Exam in Law to qualify in the legal system.

Before joining CCI, Saskia worked at various law firms specializing in corporate and international tax law, where she developed a strong understanding of how businesses navigate legal and regulatory challenges in a cross-border context and advising on complex legal matters.

Krisina Antonio

Office Manager / Administrative Assistant

Krisina Antonio is the Executive Assistant to the CEO and DC Office Manager at CCI. Prior to joining CCI, Krisina has led executive offices in education and finance. She also worked within the pro-sports sales and marketing space for teams within the NFL, MLS, and Minor League Baseball

Emily Ekshian

Communications Specialist

Emily Ekshian is the Communications Lead at CCI, working closely with the communications team on branding, marketing and publicity efforts. She holds a Master of Science in Journalism from Columbia University’s Graduate School of Journalism, with concentrations in Finance, Technology, and Human Rights.

She also earned a Bachelor of Arts in Political Economy and Media Studies, with a Minor in Human Rights, from the University of California, Berkeley. Emily is passionate about the intersection of blockchain, digital assets, and global policy, focusing on how emerging technologies can support climate resilience, financial inclusion, and freedom of expression.

Through her work, she explores the transformative potential of Web3 in addressing global challenges and advancing positive social impact.

Renee Barton

Director, Impact Research

Renée leads Impact Research at CCI, documenting real world Web3 use cases to create shared understandings of how Web3 technologies are shaping the future for people and communities. She has ten years of experience examining the policy, economic, and community development implications of technology deployments.

She previously led primary ethnographic research at the Crypto Research and Design Lab (CRADL), where her research helped policymakers and business leaders understand why people are turning to crypto through evidenced-based insights.

Prior to her work at CRADL, Renée advised public, private, non-profit, and philanthropic clients at the intersection of technology, economic development and community-building.

Giles Swan

European Public Police Advisor

Giles has been a regulator, policymaker, the policy lead of a major digital asset service provider and the global policy director of a leading investment fund trade association. Giles advises trade associations, investment funds and asset managers, and web3 and crypto firms, on public policy, licensing, regulation and advocacy. During his time as a policymaker,

Giles was a national expert on the Investment Management Standing Committee of the European Securities and Markets Authority’s (ESMA), a national representative on the Standing Committee on Investment Management of the International Organization of Securities Commissions (IOSCO) and a member of the European Union’s Council of Ministers Financial Services Working Party.

Giles holds a BA in Banking and Finance, first class, from London Guildhall University, an MSc in Finance and Investment from CASS Business School and professional certificates in teaching and learning, and blockchain strategy.

Peter Herzog

Associate Director, State Government Affairs

Peter Herzog is a dedicated government affairs professional, specializing in issues impacting emerging financial technologies. As the Associate Director of State and Local Government Affairs at the Crypto Council for Innovation, Peter oversees initiatives to advance responsible regulation for the digital asset industry across state and local governments.

He has developed a pragmatic approach to building relationships with key decision makers and navigating nuanced policy issues. Before joining CCI, Peter served on the government relations team at the digital mortgage startup Better.com, where he led the organization’s state government relations strategy. He began his career at the Health and Medicine Counsel, a boutique healthcare lobbying firm on Capitol Hill,

where he was one of the youngest registered lobbyists in Washington, DC. His former clients include patient advocacy organizations, trade societies, and pharmaceutical companies. Peter holds a Bachelor’s Degree in Government and International Politics from George Mason University.

Ryan Eagan

Associate Director, Federal Affairs

With nearly 10 years of experience working for Senate Majority Leader Charles E. Schumer, Ryan advised the Leader on a wide array of banking policies and housing priorities. He worked with members in the House and Senate and the relevant Committees to advance legislative priorities.

This includes federal responses to COVID such as the American Rescue Plan,statutory changes to securities law, ESG rulemaking, cryptocurrency policy, and certain appropriations topics.

He graduated Williams College with a BA in both Political Science and History.

Rashan Colbert

Director, U.S. Policy

Rashan A. Colbert is the US Policy Director for the Crypto Council for Innovation. A seasoned policy leader with extensive experience in government, politics, and the crypto industry, he has served as a senior legislative advisor in the U.S. Senate, led policy efforts for a cutting-edge DeFi protocol, and has amassed a high-powered network across the public and private sectors. As Head of Policy at dYdX Trading, Rashan took the firm’s advocacy strategy and effort from zero to one.

His work involved educating policymakers, advising company leadership on policy risks, and ensuring DeFi’s importance to the future of the United States was well understood in Washington. Before transitioning to the private sector, he spent seven years in Senator Cory Booker’s office, where he led on technology, telecommunications, and commerce issues, with work focused on AI, big tech, social media regulation, and digital assets.

As Booker’s lead staffer on crypto policy for the Senate Agriculture Committee, he developed a deep understanding of fi nancial regulation and the legislative vehicles that will be used to shape it.

Patrick Kirby

Policy Counsel

Patrick is joining CCI as Policy Counsel, and brings considerable experience engaging with policymakers on emerging technology and financial services issues. Before joining CCI, he worked as an attorney in the US Policy & Government Relations group at the law firms Dentons and Squire Patton Boggs.

In those roles, he advised domestic and international clients on a variety of legal, policy, and regulatory issues related to technology, financial services, and digital assets. He assisted clients in developing and executing government relations strategies to further their legislative and regulatory interests before Congress and the Executive Branch.

In prior roles, he served as a legal intern at the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC).

Yele Bademosi

Africa Advisor

Yele Bademosi is the co-creator of Onboard, a community-first onchain neobank designed for creators and builders. Onboard's goal is to expand the onchain economy, making it accessible to anyone, anywhere, and empowering people to live radically better lives.

Throughout his career, Yele has invested in close to 100 startups globally, primarily in the financial services and onchain sectors. His purpose extends beyond geographical borders, aiming to leverage innovation, capital, and policy to create sustainable economic opportunities worldwide.

Sean Lee

Senior APAC Advisor

Sean is an advisor and entrepreneur in Web3 and FinTech, and has been frequently quoted in Reuters, Forbes, Bloomberg, CoinDesk, among others. Sean was previously the CEO of the Algorand Foundation, an MIT incubated Layer-1 blockchain protocol that reached top-10 by network valuation during his tenure.

He is currently leading the efforts at VSFG, a global financial services platform and the first licensed virtual asset manager in Hong Kong, to develop the regulated HKD stablecoin for programmable payment and cross border use cases across Asia and beyond. Before entering into crypto and blockchain, Sean spent 10 years and held global leadership positions in cloud computing and open source software development companies.

Sean also advises crypto startups and engages in mentorship and advocacy programs including the MIT Entrepreneurship & FinTech Innovation Node, the Chinese University of Hong Kong Business School, and the Hong Kong FinTech Association.

Matt Homer

Senior Advisor

Matthew Homer is the Founder & General Partner of The Venture Dept. Previously, he was an investor at Nyca Partners, a $1B+ AUM fintech VC firm, where he remains involved as an Operating Partner in an advisory capacity.

Before venture investing, he was Executive Deputy Superintendent at the New York State Department of Financial Services (NYDFS), where he oversaw the licensing and supervision of major digital asset firms, including some of the largest exchanges, custodians, and stablecoin issuers in the U.S.

Earlier in his career, he worked as a federal regulator at the FDIC, focusing on policy development and new technologies. Matt has also held operating roles in fintech startups, starting at Quovo and continuing at Plaid after its acquisition.

Laura Navaratnam

UK Policy Lead

Laura is a digital assets policy expert, and serves as the UK Policy Lead for CCI. Laura is a fintech policy expert, specializing in digital assets. Laura has worked in financial services policy for over 15 years. She worked at the UK Financial Conduct Authority for 7 years where she ultimately served as the Head of the FCA’s Innovate function,

which included all aspects of cryptoasset policy and fintech (sandbox, firm support, international engagement and strategy). She is also a Director at bespoke fintech consultancy Gattaca Horizons, supporting a broad range of US and UK based fintech clients and leveraging her experience to provide policy, regulatory and strategy advice.

She is also a Non-Executive Director for Zero Hash UK, a leading crypto-as-a-service provider.

Cameron Jones

Director, Strategic Initiatives

Cameron has over 30 years of experience in technology, philanthropy, and civil society sectors. She worked in the nonprofit and private sectors in the U.S., Europe, and Asia.

She developed and scaled strategic social good programs for leading tech companies, including Amazon, Microsoft, Adobe, Intuit, and VMware, leading the development of program delivery and marketing strategies.

At CCI she leads strategic initiatives, manages new partnerships and current members.

Amanda Russo

Director, Communications

She led C-suite media relations and content for IHS Markit research divisions across Europe, the Middle East and Africa. As a strategic communications advisor to CEOs, heads of state, and policymakers, Amanda worked on the World Economic Forum’s Public Engagement leadership team as Head of Media Content. Amanda started her career as a terrorism and intelligence analyst.

Yaya J. Fanusie

Director, Policy, AML & Cyber Risk

He spent seven years as an economic and counterterrorism analyst in the CIA, briefing federal law enforcement, military personnel, White House-level policy makers and the President. After government service, he joined the think tank world and as Director of Analysis at the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance led research on sanctions evasion and terrorist financing threats.

In 2016 he began tracking the illicit use of crypto and wrote some of the first public analysis on a terrorist crypto crowdfunding campaign. He later published a major study on efforts by Russia, Iran, Venezuela, and China to build national blockchain infrastructure. Yaya is currently an Adjunct Senior Fellow at the Center for a New American Security (CNAS) and Visiting Fellow at Georgetown's Psaros Center for Financial Markets and Policy.

He is a frequent media commentator and has testified before Congress multiple times on illicit financing issues. He is considered a leading expert on China’s CBDC.

Annie Dizon

Chief Operating Officer

With more than 20 years of tech, operations, and marketing experience, Annie has held several senior executive positions at the global social impact nonprofit TechSoup; most recently serving as Vice President of Customer Experience. Prior to TechSoup, she led marketing communications programs for leading Fortune 500 companies in the financial and professional services sectors.

Ji Kim

President and Acting Chief Executive Officer

Ji Kim is the President and Acting Chief Executive Officer of the Crypto Council for Innovation - the premier global alliance for advancing the promise of this new technology through research, education and advocacy. Prior to this role, he served as the Chief Legal & Policy Officer for CCI. Before joining CCI, he was General Counsel and Head of Policy & Regulatory Affairs at Gemini, a global digital asset exchange and custodian.

In his role, Ji led the legal, policy, and regulatory affairs teams and also set and implemented Gemini’s global strategy for engaging with regulators, policymakers, and the government. Prior to that, he was a senior attorney at Kraken, another global digital asset exchange. In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

Sheila Warren

Senior Global Policy Advisor

In 2023, Sheila was voted one of the most influential women in DC by the Washingtonian. Prior to the Crypto Council, she founded the World Economic Forum’s blockchain and digital assets team and was a member of the Executive Leadership Team. She oversaw tech policy strategy across 14 countries and regularly briefed ministers, CEOs of the Fortune 100 and Heads of State.

She spent significant time as a lawyer and executive in the nonprofit sector helping companies work with emerging technology to solve problems and increase efficiency. She was on the leadership team at TechSoup and built NGOsource, an online service that helps US foundations reduce costs on cross-border grants.

Sheila began her career as a Wall Street attorney at Cravath, Swaine & Moore LLP after earning her J.D. at Harvard Law School. She graduated magna cum laude from Harvard College with a degree in Economics. She is the co-host of Money Reimagined, a CoinDesk podcast.

Senator Cory Gardner

Senior Political Advisor

Senator Gardner honorably represented the state of Colorado from 2015 to 2021 after two terms in the United States House of Representatives. During his tenure, Cory was consistently recognized as one of the most bi-partisan members of the Senate, sponsoring and passing milestone legislation like the Great American Outdoors Act,

America COMPETES Act, the Asia Reassurance Initiative Act and the 988 Suicide Prevention Hotline. He served on the Senate Committee on Foreign Relations, Senate Committee on Energy and Natural Resources, and the Senate Committee on Commerce, Science, and Transportation.

Mark Foster

EU Policy Lead

Mark has over 20 years of experience advising public and private sector entities on EU policy and politics. He started his career in Brussels as a European Parliamentary Assistant from 2003 to 2007. He later developed expertise in EU financial services as a Senior Official in the UK Permanent Representation.

In 2011, he moved to Kreab, a global public affairs and consultancy firm, where he became Partner in the financial services practice. He has held elected roles in trade associations including vice-chair at the financial services committee of AmCham EU and he retains a role as vice-chair for the EU/UK task force at the British Chamber of Commerce to the EU.

Mark was VP of Government Relations at Barclays from 2019-2021 before establishing his own business – Strategic Advisory Management - at the start of 2022.

Alison Mangiero

Senior Director, Staking Coalition & Industry Affairs

Alison Mangiero is the Executive Director of Proof of Stake Alliance (POSA), a CCI project that advocates for clear and forward-thinking public policies that foster innovation in the rapidly growing, sustainable, multi-billion dollar staking industry.

Alison began working in the industry in 2018, when she founded the Tocqueville Group (“TQ”), an entity that created open-source software and other public goods for Tezos, one of the first proof-of-stake blockchains to launch. Before founding TQ, she spent a decade in public policy and academia, and has broad experience fundraising and growing membership associations.

A passionate advocate of the liberal arts, Alison also teaches courses on leadership at the College of the Holy Cross and is on the Executive Board of Advisors for the University of Richmond's Jepson School of Leadership Studies.An alum of the University of Richmond and Boston College, Alison lives in the New York City suburbs with her husband and two young daughters.