CEO Stewart Smith of the Block chain Association, a well-known non-profit organization in the cryptographic field in the United States, proposed that Congress must control the cryptographic law to make it a more "open whole process" to carry out "comprehensive" verification of the entire industry.

In an interview with Bloomberg News on Feb. 22, Smith said the industry needed a code law for due process leaders in the United States, although this made the whole process "very slow" and regulators "intervened" during this time.

Mr Smith stressed that while regulators were "acting very quickly", legal progress had been "closed", suggesting that it was important to involve more industries in a "public release process", which would involve Congress.

Smith believes that the issue of adopting enforcement actions and reaching agreements in the core laws of regulators is related to "very practical facts and conditions".

She explained that the situation in Congress at this stage is very difficult, because many people in Washington City who are "closely related" to the former FTX CEO Rob Bankman-Fried and FTX feel "scalded" and "defected" by the collapse of the cryptocurrency exchange in November 2022.

Smith, who is disillusioned that the United States will soon enact smooth currency controls, said Congress has been watching the problem since 2019, and the work has been done. She admitted that such a thing "almost" happened before the collapse of FTX last year.

The risks of such data encryption are different from traditional financial information services, so regulators must spend more time scientifically studying market management and "tailoring those risks", she added.

Smith suggested that stability and "market-side" controls should be a higher priority than laws focusing on password-related crimes. The public ledger, he says, makes it "more transparent" than we have seen in the financial system in the past.

Before that, Jason Chervynskiy, chief current policy officer of the blockchain Association, said on Twitter on February 15th that no matter how many enforcement actions taken by the Securities and Exchange Commission and the Commodity Futures Trading Federation, they were subject to "practical laws and regulations", adding that "neither" had the right to "fully control data encryption."