Part 12/15:
Ongoing regulatory proposals, such as potential expansions of the Bank Secrecy Act to include digital assets, could further entrench existing financial institutions and stifle innovation. The experts emphasized that the current regulations were designed for banks and in-person cash exchanges, not for a decentralized network of users engaging seamlessly across borders.
Moving Forward: Advocacy and Legislative Action
Despite the likelihood that the bill will pass in its current form, the experts underscored the importance of advocacy. They advocate for community engagement—prompting industry players, lawyers, and advocates to scrutinize the bill's language, raise awareness about its risks, and push for amendments or repeal.