IOTA co-founder: Lummis-Gillibrand is a boon to the crypto industry

The bear market has been bad for the cryptocurrency case against regulation. What comes next depends on how we play ball, but Lummis–Gillibrand offers a favorable way forward.

There is never a good time for a crypto winter, but it would be hard to imagine a worse time than right now.

Even before 70% of the value of Bitcoin (BTC) evaporated seemingly overnight, things weren't looking too good in the court of public opinion. Negative sentiment was everywhere; a Twitter account documenting crypto brothers taking it on the chin has racked up hundreds of thousands of followers. Now, the world's largest crypto exchanges are laying off thousands of full-time employees, and the self-proclaimed "Cryptoqueen" has landed a spot on the US Federal Bureau of Investigation's Ten Most Wanted Fugitives list for fraud. $4 investors. billion. Phew. The accusation rests.

It's easy to dismiss crypto's PR issues as exactly that: an image issue. Looks aren't everything. This is the domain of diamond hands, not wasteful spins. Leave the unbelievers behind. Either way, we were never going to convince die-hard detractors and incorrigible skeptics. (The problem with this mindset, reassuring though its reckless optimism, is that it always ends up advocating preaching to the choir as a viable strategy. It's not. It never has.) summer.)

A faceless horde of die-hard detractors and incorrigible skeptics have proven to be a useful front man since the early days of crypto. But upon closer examination and in the aftermath of the crash, the skeptics willing to bring us to heel are real people with real power, and they were watching us closely before that line went down, down.

Related: Sen. Lummis: My proposal with Senator Gillibrand allows the SEC to protect consumers

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