In a recent interview with The Scoop, Kristen Smith, Executive Director at the Blockchain Association touched on Brad Sherman’s new Subcommittee role and how it will effect pro-crypto legislation in the future. Sherman is a notorious anti-crypto democrat, having called for a complete ban on buying crypto and comparing the technology to 9-11, but worse.
The previous chair of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets was Carolyn Maloney who is replacing Elijah Cummings spot in the House Oversight Committee. Maloney also intended to crack down on crypto, but not to the extent that Sherman would like to.
Sherman’s Subcommittee char has jurisdiction over security laws and the SEC, according to Smith, and she says that his influence is simply, “not good” for crypto. As an executive in the Blockchain Association, Smith has been lobbying for the Token Taxonomy Act since 2018.
“To get something of this nature through the house, the full house would have to vote on it. Before that, you have to get it through the house financial services committee. The committees are divided into sub committees, and so any type of bill of this nature would go through that sub-committee and Brad Sherman is chairing the sub-committee,” Smith told Frank Chaparro on the podcast.
After mentioning the increasing difficulties of introducing pro-crypto legislation, Smith said that there are a number of republican senators that are keen on introducing legislation that would be helpful to the industry. She went on to say that new legislation would be similar to the Token Taxonomy Act, but a bit more simplified.
“If there is any hope, it’s that the full committee chair, Maxine Waters, has say over what the subcommittees do and do not do. So he doesn’t have a total blank slate to do whatever he wants but he definitely has a lot of sway and a lot of influence.”
Sherman is only one player in a big field, and his position shouldn’t overshadow crypto positive influences. The former CEO of Bakkt, Kelly Loeffler, was recently appointed to the U.S. senate as a representative for the state of Georgia. Loeffler, being extremely close to the crypto industry will likely be able to make some sort of an impact in the rhetoric in Washington D.C.