The digital asset industry is at a critical and hopeful situation.
After years of fragmented regulation and legislation approaches, we have reached a time when clarity is urgent and attainable. The market structure principles promoted by the Blockchain Association consensus, which represent the perspective of leading companies in the industry, offer a framework for the way to follow. The principles of the market structure that arose from this collaboration effort reflect the maturation of the industry and the approach required to promulgate significant legislation and achieve intelligent regulation.
The principles address twelve key areas: in essence, it is a recognition that consumer protection and innovation are complementary, non -competitive priorities. We ask for standardized disseminations and robust safeguards while guaranteeing that companies can innovate without an improper charge. This balanced approach extends to custody, where we advocate protecting the right of people to self -models while establishing clear frameworks for institutional custody solutions.
A crucial element of our frame is the distinction between financial activities and other varied applications of blockchain technology. Smart regulation must focus on genuine financial risks without suffocating innovation in the non -financial uses of this technology. This extends to the treatment of software, services and intelligent non -custodial contracts, which should not face the same regulatory requirements as traditional financial intermediaries when user assets do not guard.
The principles also address one of the most pressing challenges of the industry: the tokens classification. We need clear frames to distinguish between values, basic products and other digital assets. This clarity is essential for compliance and growth, particularly as the mature market and new types of tokens arise.
Our framework recognizes the global nature of digital assets while emphasizing and strengthening the competitiveness of the United States. We advoc for reducing friction in cross -border transactions while guaranteeing that US markets remain attractive to investment and innovation. This includes establishing a single secondary negotiation market to improve liquidity and price discovery.
The developer’s protections form another crucial pillar of the principles of the Blockchain Association. Open source software developers should not face responsibility when independent actors misuse their code. This protection is essential to maintain innovation that drives our industry forward. In the same way, we emphasize the importance of participation in the network: protect the ability of people and institutions to participate in activities such as reestimations, vote and transactions between peers in networks without permission.
This consensus that we have achieved on these principles is important because it points to Congress and the regulators that the industry is and has been ready for common sense regulation. We are not asking for a special treatment or regulatory talas. On the other hand, we propose clear rules of the path that protect consumers, encourage innovation and guarantee US competitiveness in a quick evolution market.
But this window of opportunity will not remain open indefinitely. Market developments, electoral cycles and global competition create urgency for action. The industry has demonstrated its willingness to get involved constructively with policy formulators. We have shown that we can find common land in complex issues and that we are committed to responsible innovation.
For our Congress allies, regulators in Washington DC and those newly committed to these issues, these principles show that the industry is ready for a serious political discussion. For industry participants, they represent a shared vision of the structure of the responsible market. For all involved, they offer a path to follow at a crucial moment for the future of digital assets in the United States.
The work of promulgating intelligent regulations and writing and approval of the legislation remains ahead. But with clear principles, industry alignment and a growing sophistication of policies on both sides, we have an unprecedented opportunity to do it well. We have a few precious months to do this, let’s not miss this moment.
