The United States is on the verge of a new technological border – fueled by blockchain and digital assets. These assets are not only the next internet phase, but set the foundations for a more secure, decentralized and inclusive financial future. To reinvent global payments to the protection of data confidentiality, the potential of the blockchain -based systems is infinite.
Despite the promise of this technology, the United States remains without a clear and complete federal regulatory framework for digital assets. This absence has created uncertainty for innovators, consumers and investors.
Entrepreneurs operating in digital assets operating in digital asset space are faced with ambiguous rules and unclear jurisdictional limits between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Investors do not have the transparency and protection they deserve. Under the Biden Administration, the SEC chose to regulate by the application, rather than by clear advice or collaboration. The agency’s approach has led to prosecution, the confusion and relocation of promising American companies looking for a regulatory certainty abroad.
For years, Congress has worked under republican and democratic leaders to fill this gap and create a tailor -made regulatory framework. This work has taken an important step in May 2024, when the House of Representatives of the United States adopted financial innovation and technology for the law of the 21st century (FEIT21) with bipartisan support while 71 Democrats voted in favor of the bill. Fit21 laid the foundations for the way digital assets should be treated under US law, clarified the roles of the CFTC and the SEC, and provided registration, disclosure and compliance routes.
This congress, we rely on this momentum and continue to put pressure for an intelligent and tailor -made policy which promotes innovation while protecting consumers.
In April, the Chamber’s Financial Services Committee adopted the stable bipartite law, which would establish a clear and complete set of rules for the emission and regulation of payment stages which have the potential to modernize the way we transginate by making faster, cheaper and more inclusive payments.
Yesterday we took another step forward. The Financial Services Committee and the Chamber Agriculture Committee adopted the Clarity Act, a historic bipartite bill which was carefully designed between our committees. The Clarity Act establishes a functional framework for the classification of digital assets, provides manufacturers and companies with clear regulatory obligations and provides solid protections of consumers against fraud and bad players.
Stable and clarity acts form the regulatory framework for the most complete digital assets that Congress has never advanced. Collectively, these bills will ensure that the United States establishes the global standard for the future of digital assets.
We are committed to working with our colleagues from the two chambers to promulgate a complete law on digital assets. The rest of the world is not waiting to lead in the innovation of the blockchain. If we do not act, we risk giving in leadership in one of the most transformative technologies in modern history.
The Congress on the occasion and the responsibility of establishing a regulatory framework which unlocks the next era of American innovation. It’s time for the United States to lead in the new digital border.
