The window to pass meaningful cryptocurrency legislation in the United States is closing fast, and if missed, the industry could face long-term consequences, according to Marta Belcher, president of the Blockchain Association and the Filecoin Foundation.
Speaking on this weekโs episode of Cointelegraphโs Decentralize podcast, Belcher urged lawmakers and industry leaders to act before the 2026 election cycle threatens to derail the current momentum.
Crypto legislation sooner vs. later
Belcher said it is โabsolutely criticalโ that legislation to clarify key elements within the industry is passed prior to the beginning of the next year.ย
โOnce the midterms happen, we donโt really know whether Congress is going to be friendly towards crypto or whether thereโs going to be a backlash.โ
Belcher pointed to the hostile environment of the previous administration, when the Securities and Exchange Commission under Gary Gensler and the Biden administration brought lawsuits against nearly every major token, as a cautionary tale.
Related: US senators question Metaโs stablecoin plans amid GENIUS Act debate
โIt would be hard to overstate how much of the industry went abroad as a resultโฆ Youโd kind of have to be crazy to start a cryptocurrency project in the US at that time,โ she said.ย
โI really hope that the tides will change when we have legislation that makes it possible to operate here.โ
Whatโs on the table
Currently, both stablecoin and broader market structure legislation are progressing in Congress, with a potential vote on stablecoins expected imminently. But Belcher warns that relying on post-summer movement is risky.
โThere are a lot of reasons to be worried about waiting until after August recess. You just never know what other priorities Congress is going to have,โ she said. โWe really, really, really need to get it done this year.โ
The legislation would establish a clear path for compliance โ something many crypto projects are desperate for. Belcher stressed how most industry participants are โwilling to do a lot.โ
โThey just want to know what they have to do to be in compliance,โ she said. And in order to get there, she also highlighted the need for industry-wide compromise:
โThis legislation is actually existential, in my view. Itโs not going to be perfectโฆ but we all need to be willing to come together and do what needs to get done.โ
Listen to the full conversation in the latest episode of Decentralize with Cointelegraph on Cointelegraphโs Podcasts page, Apple Podcasts or Spotify. And donโt forget to check out Cointelegraphโs full lineup of other shows!ย
Magazine: Legal Panel: Crypto wanted to overthrow banks, now itโs becoming them in stablecoin fight
