Kristin Smith, CEO of the Blockchain Association, described a U.S. court's ruling as a "definitive rebuke" of the Securities and Exchange Commission's (SEC) regulation-by-enforcement approach to cryptocurrency. She characterized it as a victory for the industry in a statement made on her X profile on January 13.
"The courts delivered a definitive rebuke of the SEC's regulation-by-enforcement approach to crypto," said Smith. "American crypto companies have endured this lawfare for too long. It must end. We look forward to a new approach under the @realDonaldTrump administration."
According to her post, Smith responded to Paul Grewal, Chief Legal Officer of Coinbase, who celebrated the Third Circuit Court's decision to grant Coinbase's petition for a writ of mandamus. The court directed the SEC to reconsider its denial of Coinbase's rulemaking request, ruling that the decision was arbitrary and lacked sufficient reasoning. Smith referenced the challenges crypto companies face under the SEC’s current approach.
Kristin Smith's X post
| x.com
Grewal shared on his X account that the Third Circuit Court granted Coinbase's petition for a writ of mandamus, compelling the SEC to provide a clearer explanation for denying its rulemaking petition. The court ruled that the SEC’s decision was "conclusory and insufficiently reasoned," calling it "arbitrary and capricious." The case has been remanded to the SEC for further clarification and a more thorough response.
According to its website, the Blockchain Association is a Washington, D.C.-based trade organization representing the cryptocurrency and blockchain industry. Its mission is to provide regulatory clarity, promote innovation, and support the development of blockchain technology and digital assets. The association collaborates with policymakers, industry leaders, and other stakeholders to shape fair and transparent regulations for the crypto ecosystem.
Smith leads this organization with experience in policy and advocacy. She has worked on legislative and regulatory issues related to technology and innovation. Before joining the Blockchain Association, she held roles in government relations and public policy focusing on emerging technologies.
