The United States is on the edge of a new technological border, a blockchain driven and digital assets. These assets are not only the next Internet phase, but they feel the foundations for a safer, decentralized and inclusive financial future. From the reinvention of global payments to the protection of data privacy, the potential of blockchain -based systems is endless.
Despite the promise of this technology, the United States remains without a clear and integral federal regulatory framework for digital assets. This absence has created uncertainty for innovators, consumers and investors equally.
Entrepreneurs operating in the digital asset operating in the digital asset space face ambiguous rules and unclear jurisdictional limits between the Bag and Securities Commission (SEC) and the Basic Products Trade Commerce Commission (CFTC). Investors lack the transparency and protection they deserve. According to the Biden administration, the SEC decided to regulate through the application, instead of a clear guide or collaboration. The agency’s approach has led to demands, confusion and relocation of promising American companies that seek regulatory certainty abroad.
For years, Congress has worked under republican and democratic leadership to close this gap and create a modern and personalized regulatory framework. This work reached a milestone in May 2024 when the United States Representatives Chamber approved the Law on Innovation and Financial Technology for the Law of the 21st Century (FIT21) with bipartisan support as 71 Democrats voted in favor of the bill. Fit21 laid the foundations on how digital assets should be treated under US law, clarified the roles of CFTC and SEC, and provided ways for registration, dissemination and compliance.
This Congress, we are based on that impulse and continue to press for an intelligent and personalized policy that encourages innovation while protecting consumers.
In April, the Financial Services Committee of the House of Representatives approved the Bipartisan Stable Law, which would establish a clear and integral set of rules for the issuance and regulation of payment stabilizations that have the potential to modernize the way we make payments making payments faster, faster and more inclusive.
Yesterday we took another great step forward. The Financial Services Committee and the Chamber Agriculture Committee approved the Clarity Law, a historical bipartisan law that was carefully prepared between our committees. The clarity law establishes a functional framework for the classification of digital assets, provides clear regulatory obligations and companies and guarantees solid consumer protections against fraud and bad actors.
The stable and clarity acts form the regulatory framework of more complete digital assets that Congress has 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 in both cameras to promulgate integral legislation of digital assets. The rest of the world is not waiting to lead in Blockchain’s innovation. If we do not act, we run the risk of giving leadership in one of the most transformative technologies in modern history.
Congress has the opportunity and responsibility to establish a regulatory framework that unlocks the next era of American innovation. It is time for the United States to lead the new digital border.
