With the promulgation of the Genius Law and the approval of the Clarity Law through the Chamber of Representatives of the United States, the United States has reversed its hostile approach to the digital asset ecosystem. While the Biden administration spent the last four years injecting uncertainty for users and innovatives of digital assets, other countries pursued different approaches. This reality was evident when I traveled with bipartisan members of the Chamber Financial Services Committee and the Agriculture Committee to Latin America and Europe for a series of digital asset supervision meetings.
During our discussions with the private sector and government policy leaders, I had the opportunity to see firsthand how digital assets are used and evolved worldwide. The conclusion is clear: Latin America, Europe and the USs each represent a different path in the development of digital asset markets, and together highlight why the United States must promulgate a regulatory framework for digital asset markets.
Throughout Latin America, we saw cases of use of first -hand digital assets in the real economy. In South and Central America, people conduct the use of digital assets based on scale for payments, remittances and savings. Last year, digital asset markets in the region were valued at $ 415 billion, with 46% of the investment that flows mainly in the stable called in US dollars.
Argentina stands out as a pioneer of digital assets in Latin America with Stablecoins that provides a reserve of inflation resistant value as the Milei administration begins to formalize its approach for a regulatory framework for digital assets. Paraguay’s hydroelectric energy has made it a Bitcoin mining center, while Mexico is advancing to the supervision of Fintech and cryptography along with a strong demand for consumers. In addition, Peru has incorporated exchanges of digital assets in its regime of anti-launching money and terrorism financing and has indicated plans to integrate digital assets into its national fiscal framework. In summary, Latin America underlines convincing cases of digital assets: resilience against inflation, low -cost transfers and financial inclusion.
Our members also met with European central bankers, financial and innovative regulators of the private sector. In 2023, the European Union (EU) approved the Law of Markets in Crypto-Assets (Mica) that created a comprehensive regulatory framework around the digital asset ecosystem. Mica seeks to establish the road rules for electronic money tokens, tokens referenced with assets, service providers and emitters of Stablecoin in all of the EU. The EU market regulator, the ESMA and the European banking authority coordinate with the EU member states to ensure that the regulation of digital assets is harmonized.
Since the EU had an initial advantage by implementing its rules and regulations of digital assets, it was insightful to listen to their experience in the elaboration of these regulations as the United States is beginning a similar effort. In our discussions with European digital asset companies, it was clear that implementation is essential to guarantee a functional framework for the digital asset ecosystem. We must ensure that regulations do not displace small innovative companies, creating a panorama where only large institutions can successfully fulfill within the legal framework.
Although the United States has the deepest liquidity in digital asset markets and is home to some of the largest emitters and exchanges, we still lack a comprehensive market structure for digital assets. Genius Law, signed by President Trump on July 18, 2025 was the first step of the United States to provide regulatory clarity for digital assets. By promulgating a framework for the issuance of stable payment, the Genius law will promote the creation of a modern digital payments system in the United States.
However, this is just a piece of puzzle. Without a market structure framework that allows innovation while protecting consumers and investors, the US digital assets ecosystem. UU. It will not prosper, and we run the risk of giving ground to the adoption of rapid movement of Latin America and the harmonized regulatory regime of Europe. In July, the Chamber overwhelmingly approved the bipartisan clarity law by a vote of 294-134. Time is now. We must follow the rhythm of the rest of the world promulgating the structure of the digital asset market by the end of the year.
